Coinbase has been familiar for its versatile business model which reflects very appealing to the retail investors. However, the services it offers include
- Asset management
- Venture capital
- Trading top five major coins,
- Custody management and brokerage
According to the Business Insider, Coinbase is currently seeking to launch an ETF (exchange-traded product) relating to crypto prices, allowing the institutional investors to access the volatile cryptocurrency markets through the stock exchange.
In previous weeks, Coinbase has been engaging in conversation with individuals from the blockchain group at BlackRock. However, this is basically to leverage the company’s expertise to announce the exchange-traded products. Being an early pioneer in the crypto ETF market, BlackRock is a well-known member of a low-cost iShares family of ETFs.
The Interest of BlackRock in Cryptocurrency and Blockchain
The company came into existence in 2015, since then blockchain group at BlackRock is actively drawing employees from every possible division. However, the group is aiming to recognize the blockchain technology applications within financial services.
However, it is unclear about the conversation that was ongoing between Coinbase and BlackRock was a part of the initiation. Also, BlackRock representatives deny commenting on the developments.
Moreover, the sources said that BlackRock has shown no interest to becoming a cryptocurrency fund issuer itself. The CEO at BlackRock, Larry Fink recently mentions that the company’s clients have not shown interest in the $300 billion markets for cryptocurrency and crypto assets.
He also refers to Bitcoin as an “index of money laundering.” This indicates that BlackRock will solely be supporting Coinbase in its ETF endeavors.