Cryptocurrency exchange Coinbase Global Inc. said Thursday it has partnered with BlackRock, the world's largest asset manager, to provide institutional clients with access to crypto trading and custody services.
The news comes when the industry has been battered in a so-called "crypto winter" as investors dump risky digital assets amid geopolitical turmoil, rising rates and worries of an impending recession.
Coinbase has been among the worst hit, with shares down over 60% so far this year.
The company's institutional trading platform for crypto assets, Coinbase Prime, will provide crypto trading, custody, prime brokerage and reporting capabilities to institutional clients on BlackRock's Aladdin, who are also clients of Coinbase.
Aladdin offers a suite of software tools designed to help institutional investors manage their portfolios.
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