If you look at the price of the Coinbase share today, you will be amazed – at times up to 40% up! (Status 08/04/22 3:15 p.m.) Behind this rapid increase, however, is a message that has it all.
BlackRock partners with Coinbase
It has just been announced that Coinbase has signed an agreement with BlackRock.
The crypto exchange published an article on its blog on Thursday about working with the world’s largest wealth manager. The specifics of this partnership are that Coinbase will offer cryptocurrency services to BlackRock’s customers. The focus is primarily on Coinbase Prime. “Alladin” customers have access to all possible Coinbase products via the institutional cryptocurrency exchange. Including: crypto trading, custody, prime brokerage and much more.
In this case, this means that customers of Aladdin, an AI-controlled investor platform from BlackRock, have direct access to Bitcoin. Commenting on this milestone in the mass adoption of Bitcoin, BlackRock Head of Strategic Ecosystem Partnerships Joseph Chalom said:
Larry Fink “fascinated” by Bitcoin
This partnership step comes as no surprise. BlackRock’s CEO has previously revealed that he is “fascinated” by Bitcoin and is keeping a close eye on developments. In his opinion, Bitcoin has the potential to become a great asset class.
This news appears to have resonated well with investors. The shares of the crypto exchange literally exploded by over 30% within a very short time. The share is currently trading at around €96, up 22%. However, the stock is still miles away from its all-time high (around €320). Problems with the financial regulator and the figures presented for the past quarter have pushed the price down powerfully.
Nevertheless, the stock seems to be making a kind of comeback, because within the last month the stock is up over 100% to date!
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