The Clap Coinbase (NASDAQ: COIN) announced a partnership with BlackRock that will enable companies to purchase crypto, with an initial focus on Bitcoin.
More on BlackRock BlackRock is the biggest asset management company in the world, managing portfolios that amount to $8 trillion.
The Deets According to CNBC, this partnership will give BlackRock’s clients access to Coinbase’s services.
Why this Matters According to BlackRock, their clients are interested in digital asset markets. This partnership will allow them to directly manage crypto assets in their portfolios.
This partnership also comes as a relief to Coinbase, as its stock lost almost two thirds of its value since the start of the year. This was due to the collapse of the crypto market, whose resilience has been tested throughout the year.
Coinbase’s stock jumped as high as 40% following the news but then settled down closer to the 10% mark.