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This year hasn't been a good year for cryptocurrencies generally, as well as some exchanges. Well, that is not the case with Coinbase. Following the comment made by its CEO on Twitter, the exchange is seeing approximately $200-$400 million each week from institutional clients.
That's not all, the giant of cryptocurrency exchange also recently announced the acquirement of Xapo's institutional custody business. That being said, it's quite safe to say that coinbase is the No.1 janitor of cryptocurrencies for institutional investors.
This is also coming at a time when Bakkt has announced a date for their Bitcoin Futures launch, and Fidelity, TDA, and Etrade are all looking at getting involved in crypto for their institutional clients in varying ways.
With this huge milestone for Coinbase, there's every possibility that we're seeing the next phase of bitcoin investing ecosystem being built even before our own naked eyes. It's amazing to see good things coming to a project that isn't owned wholly by institutions.
Disclaimer:
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.
References:
1*Bit.com
Coinbase is a mammoth. Don't bet against cryptos esp. Bitcoin
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It will be interesting to see what happens in the next few months. Nice post. Thanks!
It definitely will! Thanks for stopping by.
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