Top-tier crypto exchange Coinbase reportedly teamed up with BlackRock– the global leading financial asset manager – to offer direct crypto access to its customers, initially with Bitcoin (BTC).

Specifically, Users of BlackRock’s institutional investment management platform Aladdin will reportedly be opened up to crypto trading, custody, prime brokerage and reporting features, if they also choose to register for Coinbase Prime.

Coinbase Prime reportedly functions as an institutional trading service, which offers trading, custody, prime financing, staking, data and reporting tools across more than 300 virtual assets. 

The service is reportedly customized to suit particular establishments, nominally hedge funds, asset allocators, financial institutions and corporate treasuries. More than 13,000 customers utilize Coinbase Prime.

“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.” BlackRock’s global head of strategic ecosystem partnerships, Joseph Chalom, reportedly remarked regarding the development. 

Institutional investors will reportedly have the ability to tap into Coinbase Prime in a direct manner through a user interface or as an integrated platform via APIs, to provide different crypto-associated offerings, nominally exchange-traded funds, custodial solutions, or brokerage services. 

Coinbase Prime’s custodian, Coinbase Custody Trust Company, is reportedly under the regulatory scope of the New York Department of Financial Services.

Last month, U.S. authorities reportedly took into custody a former Coinbase manager on allegations of insider trading. Said former manager has since pleaded not guilty. Meanwhile, the U.S. Securities and Exchange Commission is also reportedly looking into whether Coinbase allowed users to trade unregistered securities.