Coinbase’s Share Prices Rise After Announcing Its Partnership With BlackRock

Coinbase has reportedly formed a deal partnership deal with BlackRock that has proven to be very advantageous for the cryptocurrency exchange.

Just as the exchange officially posted its partnership with BlackRock, its share prices recorded a significant jump. The latest trading market session has proven to be very favorable for the cryptocurrency exchange.

Coinbase Partners with BlackRock

Coinbase’s recent partnership has worked out in favor of the exchange as its share prices have surged significantly.

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BlackRock had announced that it was in the process of forming a very strategic partnership with a cryptocurrency firm. The motive behind the partnership for BlackRock was to be able to offer cryptocurrencies.

The firm announced that it wants to gain exposure in the cryptocurrency industry as it wants to offer cryptocurrency services to users.

BlackRock had announced that it wanted to offer Bitcoin and other cryptocurrencies to its users for trading. Turns out, BlackRock was forming a partnership deal with Coinbase. BlackRock will be able to offer cryptocurrency trading services to institutional investors.

Coinbase Shares Experienced a Jump

BlackRock was already a stakeholder at Coinbase and now, it has strengthened its relationship with Coinbase with the latest partnership.

Following the partnership, institutional investors at BlackRock will be able to purchase Bitcoin and altcoins.

Right after the announcement of Coinbase’s partnership with BlackRock, the exchange’s share prices surged by 25.2%. However, as the partnership announcement was covered by the media and social media sources, Coinbase’s shares surged by 40%.

Aladdin to Benefit from the Partnership

The partnership’s benefits will not be limited to BlackRock but they will also extend to Aladdin.

Aladdin is the investment management platform backed owned by BlackRock and it is will be offering cryptocurrency-related services to its clients.

The clients at Aladdin will have access to services for cryptocurrencies such as reporting, custody, and trading.

BlackRock has announced that over time, they want to expand their services, and offer more trading options in the upcoming days. They will be adding more cryptocurrencies and services related to digital assets to their clients.

Coinbase’s Performance in Future

It is expected that the partnership will prove to be very advantageous for Coinbase. At a time when the crypto sector is badly struck by the constant downtrend, it is a piece of good news for Coinbase to have partnered with BlackRock.

So far, the share prices for Coinbase have gained enough momentum and its shares are trading at $92.43 per share. Although the share prices for Coinbase have been hiked, the dip Coinbase has recorded in the past 12 months is 67.04%.

It is expected that the share prices for Coinbase may surge if more companies keep partnering with it.

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