The cryptocurrency market is under extreme turmoil. Nevertheless, people still talk about her. Coinbase finds a way to get back in the game as the market slowly rebounds, and BlackRock makes an unexpected statement!
Coinbase and BlackRock have become a new target for bitcoin!
Every day, the crypto industry occupies a little bit more area. While some individuals still see cryptocurrencies as tools for destruction, support for bitcoin is growing. The BTC’s reputation has not changed since it was founded, and authorities’ attacks on it have had no effect.
Although the flagship cryptocurrency’s price has experienced some issues in recent months, the rebound is gradual and other assets are following suit. However, a recent statement has brought attention back to bitcoin. This announcement will surely increase investors’ conviction if many individuals are supporting BTC.
The largest asset management firm, BlackRock, announced its partnership with Coinbase on August 4. The purpose? enabling its institutional clients to make bitcoin transactions (BTC). Co-users of Coinbase and Aladdin, Blackrock’s investment management platform, will have access to reporting, prime brokerage, and cryptocurrency trading features, according a blog post.
Institutional customers will therefore roll out the functionalities gradually. With the access provided by Coinbase Prime, they will keep scaling the platform’s integration.
New tools for the cryptocurrency exchange?
The information benefits BlackRock, Coinbase, and bitcoin all at once. The risks are very different for Coinbase if the asset management company is merely capitalizing on the institutions’ enthusiasm for the cryptocurrency industry. For a few weeks, the cryptocurrency exchange has been having trouble.
The site is being investigated by the SEC after losing to Binance. As we all know, once a regulator has their victim in its talons, they do not immediately release it. The ideal illustration is ripple. Although we had anticipated the cryptocurrency exchange’s demise, the affiliation with BlackRock has given Coinbase fresh life.
Attracting more institutional capital at a time when cryptocurrencies are just starting to trend upward should only help the platform. This might not only help the cryptocurrency industry as a whole, but it might also help Coinbase get back on track.
Investors are surprised by BlackRock. This pairing might counterbalance the forces as the price of Ethereum started to soar. Despite any lapses in strength, bitcoin is poised for a comeback. Coinbase, though, will surely come out on top in this tale. The exchange is having a difficult time right now due to regulatory jolts, severe competition, and decreasing markets. But everything might soon be put back together.
