Wednesday, 23 May, 2018

Coinbase Announces New Products and Chicago Office to Serve Institutions Better

Coinbase launches suite of products for institutional investors Coinbase Rolls Out Crypto Custody Product for Institutions
Jean Garcia | 17 May, 2018, 04:03

San Francisco-based Coinbase has recently proclaimed the unveiling of a wide range of products designed exclusively meant to entice institutional organizations to the briskly evolving cryptocurrency and blockchain ecosystem.

Coinbase announced multiple products today to bring in more high volume institutional investors to the Cryptocurrency market. Coinbase claims that more than 100 hedge funds announced plans to trade/invest in cryptocurrency in the last few months alone.

The new storage solution will leverage Coinbase's experience with storing more than $20 billion of cryptocurrency and was first announced by Coinbase co-founder and CEO Brian Armstrong in November 2017. One such service, called Coinbase Prime, will offer lending, margin financing and over-the-counter trading.

Coinbase Custody focuses on addressing the topmost concern that institutional investors have regarding cryptos - security.

Coinbase Custody combines its cryptocurrency security with third-party auditing and financial reporting validation that operates at a standard of an SEC-regulated custodial-broker-dealer. Coinbase Markets will be providing users with new features which will pave the path for a more price efficient process, increase the certainty of execution and building better markets. This movement requires institutional grade products and services, something Coinbase has been developing with leading institutions and which we are proud to formally launch today.

"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.

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The launching partners of Coinbase Custody include: Autonomous Partners, boostVC, MetaStable, Multicoin Capital, Polychain Capital, Scalar Capital, Walden Bridge Capital, and others. Coinbase Markets will introduce new features such as on-premise datacenter location, institutional connectivity and access, low latency performance, and settlement and clearing services over the year.

This may provide institutions with the help necessary to take cryptocurrency investment seriously, and given the potential profit the market offers, it is unsurprising that Coinbase wants a slice of the action.

The final piece of the puzzle for Coinbase is the establishment of the Coinbase Institutional Coverage group, which will be established in New York City as a hub for sales, sales trading, research, market operations, and client services. Note that individual investors should use Coinbase's trading platform GDAX; Prime is for institutions and professionals only.

This service is only available to institutional investors with a minimum of $10M in deposits.

The fourth product is an exclusive platform, offering the same services as its regular trading platform, but it is aimed specifically at institutional investors.

The rapid influx of world's large financial participants and their capital spurred Coinbase to develop the products.

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