Coinbase shares rise due to the collaboration with Blackrock

The Coinbase shares rose on Thursday, after the crypto exchange had announced a collaboration with the asset manager Blackrock, which would make it easier to buy and sell institutional investors.

In a blog post on the Coinbase website, the company said that Aladdin, the BlackRock investment technology platform, would connect. The platform, which supplies the global investment industry with important sanitary facilities, will enable Blackrock customers to access crypto direct access. The first available token will be Bitcoin.

Coinbase shares initially rose by up to 30 percent before setting up 17 percent higher at Nasdaq in New York.

The cooperation with the world's largest asset manager is a thrust for Coinbase that has had a hard year because the ratings fall on the cryptom market and customers act less frequently.

In June there was its growth plans and dismantled a fifth of his workforce -more than a thousand employees -since the decline in trade volumes and prices for cryptocurrencies shook the largest players in the industry.

Before the upswing on Thursday, the Coinbase shares lost two thirds of their value last year. In addition to his suffering, US prosecutors accused a former employee and two of his insider trade last month.

Coinbase said that Blackrock will offer "cryptoandel, custody, prime brokerage and reporting functions" and added that the connection was "an exciting milestone for our company".

The Aladdin system from Blackrock is one of the most widespread technologies in the financial services industry that combines investors with markets and measures risks. It is used by asset managers, banks, insurance companies, pension funds and companies.

"Our institutional customers are increasingly interested in being involved in the markets for digital assets and focus on how they can efficiently manage the operating life cycle of these assets," said Joseph Chalom, Global Head of Strategic Partnership at BlackRock.

"This connectivity with Aladdin will enable customers to manage their Bitcoin engagements directly in their existing portfolio management and trade processes."

The Blackrock customers are connected to the Coinbase Prime platform, which, according to the company, offers the trade version in 200 assets as well as data, analyzes and reports.