Coinbase announced earlier this week the launch of its new product offerings for institutions, which are designed to meet the demand to trade and invest in cryptocurrency. The company reported that over the past few months more than 100 hedge funds have announced plans to trade and invest in crypto, which signaled interest from institutional clients and financial services professional for a source of liquidity and custody for digital assets. Coinbase revealed:
“The company will launch Coinbase Custody, a cryptocurrency custodian in partnership with an SEC-regulated broker-dealer, to a group of initial clients that include the leading institutions in the crypto industry. New product offerings announced today also include Coinbase Prime, a suite of tools and services specifically designed for institutions, and enhancements to Coinbase Markets that will be driven by an engineering team out of the newly opened Chicago office. Finally, Coinbase is announcing an institutional coverage group headquartered in New York City to provide the highest level of service to clients.”
Adam White, Vice President and General Manager of Coinbase Institutional, stated:
“There is clear demand from institutional clients and financial services professionals for more specific solutions with regard to cryptocurrencies that address their sophisticated needs. Through new products like Coinbase Prime and Coinbase Custody, we’re building the necessary capability for institutions that allows cryptocurrencies to be traded and stored in a compliant, trusted and efficient manner.”
Along with the product launch, Coinbase announced the opening of its Chicago Office. The company reported that it is making a major investment in Chicago through a new engineering office that will focus on further developing Coinbase Markets, the premier electronic marketplace for cryptocurrencies. Coinbase already offers the deepest pool of liquidity to the largest number of participants in the cryptocurrency space and will continue developing Coinbase Markets by opening a new engineering office in the Windy City.