Prolly nothing... https://www.wsj.com/livecoverage/st...-crypto-industry-turmoil-xuDZxcRq7AkXQMlprDlv BlackRock Announces Bitcoin Partnership With Coinbase Amid Crypto Industry Turmoil By Angel Au-Yeung -------------- https://www.bloomberg.com/news/arti...s-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 By Silla Brush August 4, 2022 at 5:00 AM PDTUpdated onAugust 4, 2022 at 6:45 AM PDT From BlackRock Inc. is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin, marking a major push into cryptocurrencies for the world’s largest asset manager. Shares of Coinbase soared 32% to $106.31 at 9:36 a.m. in New York, triggering a temporary trading halt. Top BlackRock clients will be able to use its Aladdin investment-management system to oversee their exposure to Bitcoin along with other portfolio assets such as stocks and bonds, and to facilitate financing and trading on Coinbase’s exchange, according to a statement Thursday. The focus of the partnership with Coinbase, the biggest US crypto-trading platform, “will initially be on Bitcoin,” BlackRock said. The move underscores how Wall Street’s traditional financial players are expanding deeper into crypto and related technologies, even after this year’s meltdown in such assets. Bitcoin has lost about half of its value in 2022, while the collapse of the Terra ecosystem and Three Arrows Capital have raised questions about the resilience of the market and prompted increased regulatory scrutiny. Matt Levine's Money Stuff is what's missing from your inbox. Coinbase is facing aprobeby the US Securities and Exchange Commission into whether the company let Americans trade digital assets that should have been registered as securities. BlackRock chose to partner with Coinbase because of its scale in the market and role in providing trading, custody services, prime brokerage and reporting capabilities. The services will be available for clients of both companies. “Our institutional clients are increasingly interested in gaining exposure to digital-asset markets and are focused on how to efficiently manage the operational life cycle of these assets,” Joseph Chalom, BlackRock’s global head of strategic ecosystem partnerships, said in the statement. Institutional investors accounted for about three-quarters of the $309 billion in trading volume on Coinbase in the first quarter, the companydisclosedin May. Coinbase clients include hedge funds, corporate treasuries and asset managers. “The Coinbase partnership between BlackRock and Aladdin is an exciting milestone for our firm,” Brett Tejpaul, head of Coinbase Institutional, and Greg Tusar, vice president of institutional product, said in a separate statement. “We are committed to pushing the industry forward and creating new access points as institutional crypto adoption continues to rapidly accelerate.” For BlackRock, the partnership is the next step in a wider strategy to expand into digital assets. Chief Executive Officer Larry Fink said in March that the firm wasstudyingthe growing importance of digital assets and stablecoins and how they can be used to help clients. The following month, the companyjoineda group of investors inCircle Internet Financial, the issuer of USD Coin, and said it would seek to serve as a primary manager of the stablecoin’s cash reserves.
Some of the things you post here Mr John Arb arent that big of a deal (said with love ), but this one is a huge deal IMO. Big news. Many institutions want BTC exposure but hold back b/c of accounting, compliance, reporting, regulation, their back office cant handle it, etc. This is a step to alleviate those concerns, which will unlock a ton of money to come into the space as time goes on!
Poised to buy BTC in November. The big boys definitely know something the majority does not. (Which means they plan on pumping it later)
Aladdin let the Genie out? You mean the Gucci, Louis Vuitton, Breitling were not impressive news?? Listen, the Institutions, HNW and UHNW are 100% coming to Bitcoin I posted here many months ago whent JP Morgan, Morgan Stanley, and Goldman Sachs made the announcements due to overwhelming demand from their clients Those guys are coming because of Paul Tudor Jones, Ray Dalio, Stanley Druckenmiller, George Soros, Elon Musk, Tim Cook, Thomas Peterffy.... ---------- To be perfectly honest, they are not as important to the Bitcoin network as having a wide global distribution I would prefer to have a billion people in the world own bitcoin and crypto assets before those guys buy and drive the price up Imho, the Keet decentralized communications platform the growth of the Lightning Network and the stablesats and the El Salvador hosting 44 countries news are more important than this Blackrock news
I can see where you are coming from there. A wide distribution is long term great for the network (and makes banning bitcoin politically infeasible)
Bearish/bullish it does not matter when 70% of daily volume is in fake money aka, stable coins like Tethers.
I wonder why Coinbase was chosen instead of the bigger exchanges like FTX and Binance. Both charge lower fees to their customers.
Blackrock getting into cryptos was already priced in last year https://www.elitetrader.com/et/thre...t-asset-manager-has-started-to-dabble.356167/ Coinbase has a VIP service for institutions which has the highest security for Custodial service. Another thing Coinbase has is full-regulatory compliance The only other US exchange that can compete on those items is Gemini