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Coinbase Custody Scale Has Exceeded $20 Billion Bitcoin "Institutional Wave" Is Really Coming This Time



According to Coinbase, a U.S.-compliant cryptocurrency exchange, with the "massive capital influx", the scale of encrypted assets under custody has reached 20 billion U.S. dollars, of which 14 billion U.S. dollars have been accumulated in the past seven months. Coinbase singled out a number of bullish reasons for the cryptocurrency market that “fired” the wave of institutional adoption.

In an interview with Heidrick & Struggles International last Friday (November 20), Brett Tejpaul, head of institutions at Coinbase, talked about institutional investor demand for Bitcoin. Brett Tejpaul has 25 years of experience in sales and trading. He worked at Barclays for nearly 17 years and then at JPMorgan Chase for nine years. He joined Coinbase earlier this year and is now mainly responsible for sales, trading, custody, etc. On the one hand, it promotes the adoption of cryptocurrencies by institutional clients.

Bifrost and Coinbase Cloud reached a strategic cooperation: September 9 news, according to official news, Bifrost recently announced a long-term strategic cooperation with decentralized infrastructure provider Coinbase Cloud. Coinbase Cloud will support Bifrost's goal of cross-chain liquidity through its professional decentralized solutions.

Coinbase Cloud will provide high reward and stable Kusama verification nodes to support liquid KSM-vKSM. Bifrost will also help Coinbase Cloud's Kusama node to run on Bifrost's active-zce set of validators. [2022/9/9 13:19:39]

At the same time, Brett Tejpaul is also in charge of Coinbase's "Prime" business. Prime is Coinbase's service for institutional customers, which mainly include asset management companies, hedge funds, and venture capital firms. Brett Tejpaul explained:

Indian Exchange CoinSwitch Kuber Launches Crypto Rupee Index: Jinse Finance reports that Indian cryptocurrency exchange CoinSwitch Kuber has launched an index that will provide real-time information on the performance of the Indian rupee based on the cryptocurrency market.

Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, tweeted that the Crypto Rupee Index (CRE8) is a first for the Indian market after having had to “rely on an international index based on the U.S. dollar.” But these indices do not reflect the true state of the Indian market and miss the supply and demand dynamics of India's growing investor base. The company said that CRE8 will be updated more than 1,400 times a day to ensure real-time market movements are reflected and track the performance of eight crypto assets that account for more than 85% of the total crypto market capitalization traded in the Indian rupee. (coindesk)[2022/6/2 3:58:43]

"It's an amazing time for cryptocurrencies, and sometimes, wind is everything, and our trading activity has grown tremendously. I joined Coinbase in April 2020, when Coinbase had about $6 billion in crypto asset custody, But in just seven months, that number has grown to more than $20 billion, an increase of more than 300 percent.”

58COIN delivery contract 24H market report at 9:00: As of 9:00, according to the 58COIN delivery contract market:

The BTC contract is currently quoted at US$9391.13, a discount of US$19.00 compared to the spot price, with a 24-hour increase or decrease of 1.80%. The trading volume was 68.9789 million lots, the turnover was 1294.1864 million US dollars, and the total current position was 1.4941 million lots, a change of -119,900 lots from the previous trading day.

The EOS contract is currently quoted at US$2.65, a discount of US$0.0049 compared to the spot price, with a 24-hour increase or decrease of 4.08%. The trading volume was 1.9207 million lots, and the turnover was 10.1425 million US dollars. The current total position was 3.9851 million lots, a change of -107,800 lots from the previous trading day.

The ETH contract is currently quoted at US$245.17, a discount of US$0.50 to the spot price, with a 24h increase or decrease of 3.00%. The trading volume was 4.0551 million lots, and the turnover was 49.3552 million US dollars. The current total position was 745,800 lots, a change of 135,300 lots from the previous trading day. [2020/7/9]

Brett Tejpaul added:

News | CoinGate announced to provide Lightning Network services to more than 4,000 merchants: According to coingape, CoinGate announced that it will provide Lightning Network services to more than 4,000 merchants, increasing the popularity of Bitcoin. At the same time, as the Lightning Network increases its capacity to 102 bitcoins, Bitcoin will also usher in greater room for development. [2018/9/6]

“Earlier this summer, we acquired a cryptocurrency brokerage platform called Tagomi, which injected new blood into Coinbase and completely changed our ability to cater to institutional clients who want to use intelligent order routing and algorithmic execution. According to statistics, Our transaction volume is up 20 times from the beginning of the year because of this. Now, we see a lot of new money coming into the cryptocurrency industry, with billions of dollars allocated to Bitcoin alone.”

According to Brett Tejpaul, Coinbase has "upgraded" its bank and audit partners, adding JPMorgan Chase as a bank partner and Deloitte as an audit partner. In fact, the two industry giants spent one to two years conducting due diligence on Coinbase to ensure the cryptocurrency exchange had compliant know-your-customer (KYC) and anti-money laundering (AML) processes.

There’s no doubt that Coinbase seems to have gotten it right, they want to act like a bank and choose to be regulated in order to ensure a secure on-ramp for cryptocurrency users to transact.

On the other hand, the cryptocurrency market seems to have entered a bull market recently, as many traditional financial industry figures have expressed bullish sentiments on Bitcoin, such as:

1. In May of this year, well-known hedge fund manager Paul Tudor Jones (Paul Tudor Jones) stated that he had allocated 2% of his investment portfolio to Bitcoin. In October, Paul Tudor Jones once again reiterated that Bitcoin still has a lot of room to rise. The reason why Paul Tudor Jones' attitude is important is that he acts as a "mouthpiece" for other traditional macroeconomic and financial enterprises, these large enterprises are considering Bitcoin as a store of value and potential risk hedging tool. As Brett Tejpaul said, Coinbase has seen an incredible wave of institutional entry that was actually influenced by Paul Tudor Jones.

2. Another noteworthy institutional client is Nasdaq-listed business intelligence giant Microstrategy, which has invested $425 million in Bitcoin and uses the cryptocurrency as its main reserve asset. Microstrategy CEO Michael Saylor (Michael Saylor) said that Bitcoin has entered a bull market, and also revealed that he has "bet" $240 million on Bitcoin.

3. Stanley Druckenmiller, one of the world's most successful macro hedge fund managers, said that as one of the value storage options for millennials and high-net-worth individuals, Bitcoin is a very attractive asset class, and, as we know, these guys own a lot of bitcoin. It has been 13 years since Bitcoin was born, and over time, Bitcoin is gradually becoming a brand. At this stage, the gold I own is indeed many times more than Bitcoin. But frankly, if my bet on gold worked out, it probably would have worked out better on Bitcoin, which is scarcer and less liquid.

4. Bill Miller, manager of Legmanson Value Fund, believes that the stability of Bitcoin is improving every day, so every bank, every investment institution, and every high-net-worth company will eventually come into contact with Bitcoin, Or similar digital assets, as you have been exposed to gold and other similar commodities in the past. The story of Bitcoin is simple, it is supply and demand, the supply of Bitcoin is growing at a rate of 2.5% per year, but demand has grown faster than that, and the supply of Bitcoin is also fixed.

It is worth mentioning that Brett Tejpaul also revealed a "little secret". He said that Coinbase already has five independent institutional clients, each of which has invested more than $100 million in cryptocurrencies. Brett Tejpaul said that many people on the sidelines are currently paying close attention to the attitude of large banks, large accounting firms, large hedge funds, and large endowment funds towards Bitcoin, and as PayPal officially enters the cryptocurrency field, a new round of bull market will Triggered in case of institutional adoption.

This article is from, the original author: Kevin Helms

Translator for Odaily Planet Daily | Moni


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