Coinbase Offers Institutional Investors a Home for Crypto on Cheddar

May 16, 2018
27 Views


By Madison Alworth

The most popular Bitcoin trading platform announced changes Tuesday that were designed to attract institutional investors to its exchange.

Coinbase, the six-year-old digital currency platform, said it was launching four new initiatives, including a secure way to store crypto assets, something institutional clients had long requested.

“We really pride ourselves on being the most trusted, the most secure venue, within the cryptocurrency space,” said Eric Scro, Coinbase’s vice president of finance.

The storage feature, called Coinbase Custody, is accepting applications as of Tuesday. Institutions who want to participate must have at least $10 million in deposits.

The company also introduced a Prime service that gives institutional investors more traditional investing tools and controls; a Markets product that creates a centralized pool of liquidity; and an Institutional Coverage Group that provides client services like sales, research, and market operations.

With more than 20 million accounts, Coinbase is the most popular exchange for Bitcoin and other digital currencies, but it faces stiff competition from ambitious rivals such as Robinhood.

That free stock market trading platform recently announced $363 million dollars in new funding, some of which will go toward building a cryptocurrency trading product by the end of the year.

The New York Stock Exchange is reportedly interested in developing a crypto exchange too.

“We at Coinbase, we view ourselves as the cryptocurrency place, the cryptocurrency company,” Scro said in an interview Tuesday with Cheddar. “And yes, there is going to be competition, but we welcome that competition.”

Scro said that the interest in cryptocurrency that he has seen from institutional investors and would-be rivals like the NYSE is a sign of “the evolution and the maturation of the asset class.”

For full interview, click here.





Source link

You may be interested

BTC Bitcoin May 22nd Morning TA – Supports, Resistances, Bullish and Bearish Scenarios
Video
9 views
Video
9 views

BTC Bitcoin May 22nd Morning TA – Supports, Resistances, Bullish and Bearish Scenarios

Editor - May 24, 2018

Please be sure to see my blog where it has tons of charts, and I'd also appreciate an upvote on…

Norway and England Contemplate Central Bank-Issued Cryptocurrencies
Bitcoin News
5 views
Bitcoin News
5 views

Norway and England Contemplate Central Bank-Issued Cryptocurrencies

Editor - May 24, 2018

[ad_1] The central banks of Norway and England have published reports exploring different models for central bank-issued cryptocurrencies. By contrast,…

Bitcoin News
6 views

Bitcoin Cash Drops To Lowest In More Than A Month

Editor - May 24, 2018

[ad_1] Bitcoin Cash Drops To Lowest In More Than A Month  ForbesBitcoin cash sinks below $1000  Business InsiderFull coverage [ad_2] Source link

Leave a Comment

Your email address will not be published.