Tuesday, 16 October, 2018

San Francisco-based firm customizes crypto-products to lure institutional clients

Coinbase invests more than $20 billion cryptocurrency for the launch of Coinbase custody Coinbase Rolls Out Crypto Custody Product for Institutions
Laurie Berry | 17 May, 2018, 04:06

Citing the plans of over 100 hedge funds that have revealed plans to trade in cryptocurrencies in the past few months alone, Coinbase says that a shift in the market has prompted a growing need to cater for high-end clients and institutions interested in the emerging investment opportunities cryptocurrency offers.

The storage feature, called Coinbase Custody, is accepting applications as of Tuesday.

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.

According to Paul Bauerschmidt, Product Lead, Coinbase Markets, leaders in innovation and technology, Chicago and Coinbase are in perfectly appropriate for working together to help shape to future of digital currency. Coinbase stored more than $20 billion cryptocurrencies for its creation. Finally, Coinbase is announcing an institutional coverage group headquartered in New York City to provide the highest level of service to clients. It will give the institutional investors more traditional investment options and control over their crypto accounts.

Along with the Coinbase Custody, Coinbase will be introducing "Coinbase Markets" by setting up a new engineering office in Chicago in order to continue developing its electronic marketplace. Coinbase Prime will promote implementation of cryptocurrency worldwide via giving institutions an opportunity to get closer to this asset class. 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.

"The cryptocurrency market is maturing rapidly as more sophisticated institutional participants enter the space", the exchange said. Coinbase Custody partners include Autonomous Partners, Meta Stable, Multicoin Capital, Polychain Capital, Scalar Capital, Walden Bridge Capital, Boost VC and 1C.

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Coinbase is known for providing a large pool of liquidity for all Coinbase products, and this is to be continued with the introduction of Coinbase Markets.

But Coinbase wants to satisfy institutions needs not only in high quality products but also in high quality services.

The Coinbase Prime solution powered in collaboration with Coinbase Markets and Coinbase Custody exclusively developed and created to "provide essential tools and services that allow institutional investors trading in cryptocurrency", it will also offer both lending and margin financing products, OTC trading, algorithmic trading, market data, and research products to qualified clients, as per the sources.

While Coinbase has said it doesn't consider tokens on its exchanges to be securities, the regulatory view on that is hazy.

Along with the other fresh offerings, Coinbase announced it will be opening a new office in Chicago to grow its Markets platform and accommodate the liquidity needs of institutional clients.

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