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Coinbase Partners With BlackRock: What to Watch

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Coinbase has a new partnership. 

BlackRock, which is the world's largest asset manager, will now give its institutional clients access to Coinbase Prime. 

“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” said Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock. “This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.”

Coinbase's stock has fallen over 62% in the past year, but the partnership sent shares soaring in traday trading on Thursday, Aug. 4. 

Full Transcript Below: 

Coinbase and BlackRock announced a partnership on Thursday which will give BlackRock clients access to crypto trading. 

The partnership allows the institutional clients of BlackRock to access Coinbase Prime services which include trading, custody, and prime financing.

BlackRock says that its clients have become more interested in exposure to cryptocurrencies, which led to the deal. 

Yet another company announces job cuts. 

This time it's Walmart, which announced that it was letting go of corporate employees in an effort to focus on the future. 

The cuts come after Walmart slashed its profit forecast again--marking the second time in only a few months--and has previously disclosed bloated inventory levels that spooked Wall Street. According to Bloomberg, the job cuts will impact roughly 200 employees. 

And, finally, Match's Tinder is undergoing some shakeups as it celebrates its 10-year anniversary. 

Tinder CEO Renate Nyborg, who joined the company less than a year ago, is leaving and the management team from COO to CMO is being reorganized. 

Match CEO Bernard Kim also said that its metaverse team will not be investing heavily in the metaverse dating experience, but will continue to "evaluate" the space carefully...

Stick with TheStreet for more...

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