When the world’s largest asset management firm, BlackRock, partners with a leading cryptocurrency platform, we must begin to take notice of the emerging asset class. Read the Bloomberg article here. VanEck already has approximately $500M worth of digital assets under management in ETFs, but holding the actual digital asset may be where the real money is. The Blackrock and Coinbase partnership fuses just that; access to the actual tokens as well as custody through Coinbase Prime.
I would be remiss not to draw attention to Larry Fink’s previous stance on cryptocurrency can be listened to in this Bloomberg video. Mr. Fink was showing no signs of interest in digital assets, even though his firm, along with others, were building out digital asset trading platforms.
Ultimately the operational outcome of this move will allow BlackRock’s platform, Aladdin, to work with Coinbase Prime. Coinbase stock price suffered a substantial drop since going public on April 14, 2021. However, the partnership announcement with BlackRock has been nothing but good news for the titan cryptocurrency platform struggling recently due to tightening financial markets around the globe.
Best,
Rand
All opinions are my own and should not be considered investment advice. I am doing this to provide entertainment.
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