2019 is certainly a huge year for cryptos. Coinbase, the largest exchange of the U. S., is reaping the profits from that. The CEO of the company, Brian Armstrong, has recently tweeted about how institutional investors are entering the crypto market right now.
Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.
— Brian Armstrong (@brian_armstrong) August 16, 2019
According to him, there is an obvious trend, which is that institutions are becoming a part of the crypto world. He affirmed that around a year ago, people were always asking whether we would see institutions really get into Bitcoin and crypto investing. According to him, Coinbase has the answer now.
The company is currently seeing institutional investors depositing from $200 to $400 million USD in assets on the company each week.
Coinbase Is The Largest Crypto Custodian of the World Now
If the crypto markets are changing, you can be sure that Coinbase is prepared for that change. The company has just acquired Xapo, a crypto provider that was one of the largest custodians in the market.
With the acquisition, Coinbase now sits at the top, being the largest crypto custodian in the whole world. At the moment, the company would have at least $7 billion USD worth of cryptos under its management.
Armstrong: The Future Is Bright
Despite the bull run that was started some months becoming calmer in the last few weeks, the future of the crypto market is pretty bright, according to Armstrong. Several institutional investors are finally ready to enter this world and companies such as Bakkt, which will offer BTC futures, will be important in this new phase.
He also hinted that Coinbase is exploring new products and looking at new ways to monetize assets and to improve its business model.
Like what you read? Give us one like or share it to your friends