Cryptocurrencies
BlackRock Teams Up With Coinbase in Crypto Market Expansion
- Partnership will help clients oversee their Bitcoin exposure
- Coinbase is facing an SEC probe over trading of digital tokens
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BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, taking the world’s largest asset manager into a cryptocurrency market hammered by plunging prices and government investigations.
Coinbase surged 15% to $92.61 at 1:20 p.m. in New York. The partnership with BlackRock provides some relief for the biggest US crypto-trading platform, whose stock had lost more than two-thirds of its value this year through Wednesday.