The cryptocurrency market is expanding every day with new developments popping up from time to time. The market has in recent times, welcomed more sophisticated institutional participants. More traditional financial institutions, companies, business organizations, have embraced cryptocurrency and many use it as one of the payment options.
Coinbase, a digital currency exchange platform where merchants and consumers can make transactions with digital currencies such as bitcoin, ether, and litecoin, founded in 2012. The exchange announced on May 15, 2018, the launch of four new products targeted at institutional investors. The products were developed to satisfy investor’s needs in cryptocurrency trading and investment.
The Coinbase Custody, one of the four products launched by Coinbase, is a cryptocurrency custodian and the most secure cryptocurrency storage solution available. Coinbase has partnered with an SEC-regulated broker-dealer to create Coinbase Custody and offer a service that couples Coinbase cryptocurrency security excellence with third-party auditing and financial reporting validation that tends to operate a high standard of and SEC-regulated, custodial broker-dealer.
The institutional investors along with representatives will get some services for using Coinbase custodial services. Coinbase Custody aims to make digital currency investment accessible to every financial institution and hedge fund in the world.
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. 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. These inclusions will make room for an efficient price discovery access to occur, create a tighter market, deepen liquidity, and increase the certainty of execution.
Additionally, the San-Francisco company announced that it is opening a new engineering office in Chicago. This move, according to the company, cements them as the leading cryptocurrency exchange market.
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. He also said that the Chicago is an ideal location to position for the newest Coinbase office and he believes that their investments will continue to place the city as the center for technological innovation. Engineers who share the vision and passion of Coinbase to create an open financial system for the world will be brought on board.
Source: Coinbase Prime
Coinbase Prime is a new platform specifically built to provide tools and services to institutional investors looking to trade cryptocurrency. Coinbase Prime will enable institutional investors to get a platform that will unite a complex of tools and services that are needed for crypto trading. This product will help accelerate the implementation of cryptocurrency worldwide by providing institutions with the platform to get closer to this asset class.
Coinbase Institutional Coverage Group
This product focuses entirely on serving the needs of institutional clients by way of providing sales, sales trading, market operations, research, and client service support. This group has its headquarters in New York City and brings to the table years of diverse and relevant institutional experience from different firms such as New York Stock Exchange, the Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC).
The team believes that it would offer a best-in-class client experience by guiding clients through the onboarding process and advising on execution strategies. They provide meticulous attention to institutional investors and help with ease of navigation in the ever-complex world of cryptocurrency investing.
Coinbase is committed to building products and services as new institutions continue to troop into the cryptocurrency market. With the complexity that is cryptocurrency investment, the digital platform has launched products that would speed up the adoption of cryptocurrency and give institutional investors ease of access and peace of mind.