Today, BlackRock made significant cryptocurrency deposits to Coinbase Prime, transferring $364 million in Ethereum and $77.67 million in Bitcoin, as revealed by on-chain data from Lookonchain.
The renowned global asset manager has been consistently moving digital currencies to Coinbase Prime. This strategy aims to enhance liquidity for its crypto ETFs during volatile market phases. The platform plays a crucial role as the primary custodian for BlackRock’s digital asset endeavors.
Coinbase Prime acts as a bridge between traditional financial systems and blockchain assets, specifically catering to institutional clients. Its custody services are integral to BlackRock’s approach in managing cryptocurrencies while the company broadens its ETF portfolio.