Coinbase partners with BlackRock for providing crypto services

Coinbase Global Inc (NASDAQ: COIN) announced on Thursday a partnership with BlackRock Inc (NYSE: BLK) that will allow its institutional clients to buy bitcoin.

Shares of the crypto exchange jumped as much as 14%.

“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.

Coinbase said in a blog that clients Aladdin, BlackRock’s portfolio management platform for institutional investors, will be provide crypto trading, custody, prime brokerage, and reporting capabilities by Coinbase.