Coinbase Formally Launches Coinbase Custody for Institutions

Brian Armstrong – CEO at Coinbase

Coinbase was the first to bring Bitcoin (BTC) to the masses and now as a part of its process to expand its portfolio, the San Francisco-based company is looking forward to making a foray into Wall Street.

Four new Coinbase products are being launched by the popular exchange with the hopes that they will attract institutional investors into the cryptocurrency market. The launch of the new services comes amid a growing number of hedge funds entering the crypto space. Coinbase claims it'll draw on its experience of storing more than $20 billion in cryptocurrency to make this the "most secure crypto storage solution available". "Over the course of the year we intend to offer 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", wrote White. But Coinbase Custody solves that issue and allows institutions to securely invest in the crypto market. It will have security and third party auditing and financial reporting validation at the standards of the American SEC. It will have its base in the NY office of Coinbase having a pool of expert employees with an huge experience in the leading stock exchanges. 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. Coinbase Markets will provide a centralized pool of liquidity for all Coinbase products as well as deliver a range of new features including latency performance, institutional connectivity and access, on-premise datacenter colocation services, as well as settlement and clearing services.

Initial clients include Boost VC, Meta Stable, Multicoin Capital, Polychain Capital, Autonomous Partners, Scalar Capital, 1confirmation and Walden Bridge Capital.

The Chicago Coinbase office is reported to have six employees on staff, according to the Chicago Tribune. "There is clear demand from institutional clients and financial services professionals for more specific solutions with regard to cryptocurrencies that address their sophisticated needs", said Adam White, Vice President and General Manager of Coinbase Institutional.

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Coinbase Prime is going to be a separate trading platform only for institutional investors.

In a press release announcing the news, the company also confirmed the addition of a new Chicago office tasked with enhancing the development of the Coinbase Markets product offering.

The institutional investors along with representatives will get some services for using Coinbase custodial services.

Coinbase understands that institutions need more than great products, they need great service too. The New York Stock Exchange's parent company ICE also announced its own plans earlier this month to open a SEC-compliant product offerings for Bitcoin.

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