Coinbase Rolls Out Crypto Custody Product for Institutions

Coinbase Rolls Out Crypto Custody Product for Institutions

According to a report in the Wall Street Journal, Adam White, the General Manager at Coinbase, told them in an interview that Coinbase would ensure that HFT firms would not receive any unfair advantages: "We are going to be thoughtful and deliberate in the way we do that, to make sure we don't disadvantage any market participant over another". Coinbase Prime will promote implementation of cryptocurrency worldwide via giving institutions an opportunity to get closer to this asset class. "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". Already, Coinbase stores over $20 billion worth of cryptocurrency for its customers - now, Coinbase Custody will be the specific product in charge of this, partnering with an SEC-regulated broker-dealer.

With the launch of the new product suite Coinbase aims to capitalise on the growing number of institutional investors that are tapping in the cryptocurrency market. Over the course of the year, Coinbase will be introducing new features such as "low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services". These additions will allow for a more efficient price discovery process to occur, creating tighter markets, deeper liquidity, and increased certainty of execution.

The San Francisco-based cryptocurrency exchange Coinbase announced the launch of four new products targeted at institutional investors.

White believes that the new opening of the office in Chicago will position the company to tap into a larger talent pool of engineers who have "deep exchange infrastructure experience". During the coming months, Coinbase will be offering "lending and margin financing products to qualified clients, high touch and low touch execution services like over-the-counter (OTC) trading and algorithmic orders, and new market data and research products" as well as platform improvements such as "multi-user permissions and whitelisted withdrawal addresses".

The third product is Coinbase Prime, a software service that equips institutions with tools for trading cryptocurrency.

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

Given the recent interest in blockchain and cryptocurrency from giants like NASDAQ, The New York Stock Exchange, Goldman Sachs, and JP Morgan, it is hardly surprising that Coinbase is seeking to diversify its streams of revenue by catering to Wall Street.

White told Bloomberg that they found out that institutions and individuals had different requirements when dealing with cryptocurrencies.

As institutions continue to enter the cryptocurrency market, we are committed to building the products and services that uniquely meet their needs. If you're interested joining the Coinbase Institutional team, check out our careers page.

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