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Coinbase stock surges amid crypto expansion deal with BlackRock, Meta rolls out NFT feature

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Yahoo Finance reporter Jennifer Schonberger joins the Live show to detail BlackRock's move to connect clients with crypto trading access and Meta opting to support Coinbase digital wallets on its apps.

Video Transcript

DAVE BRIGGS: Coinbase stock surging today after the crypto exchange said it will team up with BlackRock to offer clients crypto trading. Jennifer Schonberger joining us live with more on that story. Hey, Jen.

JENNIFER SCHONBERGER: Hey, Dave. That's right, Coinbase partnering with the world's largest asset manager, BlackRock, to offer institutional clients direct access to trade crypto on Coinbase's platform, starting with Bitcoin. BlackRock will connect its institutional investing platform with Coinbase's institutional trading platform. That will include custody, prime brokerage, and reporting capabilities.

The move comes as BlackRock's institutional investors are interested in gaining exposure to crypto, even as Bitcoin is down some 50% year to date. This move not all that surprising from BlackRock's perspective.

BlackRock CEO Larry Fink saying in a letter-- annual letter to shareholders earlier this year, that Russia's invasion of Ukraine would cause the countries to reconsider how much they depend on traditional payment systems. He also said, BlackRock was studying, at that time, how digital currencies and stablecoins could help companies' clients.

Analysts say, this is an important move for Coinbase to expand its business from the retail side to the institutional side. They also say, it underscores that crypto isn't dead, despite the plunge in digital asset prices and that investors are looking to take advantage of low prices.

Meanwhile, in other crypto news, Meta Platforms, formerly Facebook, will now enable Instagram users to share NFTs in more than 100 countries. Meta also announcing it will add support for Coinbase's digital wallet and Dapper, another digital wallet, joining others that are needed for users to share those NFTs on Instagram. Guys.

DAVE BRIGGS: All right, Jen Schonberger there with the big story for Coinbase. Good to see you. Thanks so much.