Speaking on Twitter, Coinbase CEO Brian Armstrong said that 2019 had formed the year of progress for institutional Bitcoin. This development was reported on 15 August.
Brian opined that Bitcoin (BTC) adoption by institutions had transformed from being fancy to actual implementation. He further added that this monumental change had been observed in the past year. Brian headlined that this trend was fast becoming obvious. Brian made the candid comments a while after Coinbase had confirmed an acquisition. This was the international operations of storage giant Xapo.
Brian sustained by expressing interesting snippet as –
“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’s positive statements have an insightful recollection related to a major crypto rally a couple of years ago. It was on all customer’s mind whether Bitcoin would be headed to the mainstream. There were instances of real estates, high-end luxury cars, and corner shops accepting Bitcoin as payment for goods. Brian put to rest the lack of clarity, stating that major institutions were depositing funds in large amounts at the exchange.
Brian definitely has firm backing with Coinbase which has become the world’s largest crypto custodian. Coinbase secures the top spot as the institutional manager for crypto with 7 billion U.S. dollars of assets under custody. Brian went on to add more statements which confirmed that Coinbase is not stopping there. He noted that in addition to custody, they were exploring new ways to monetize and leverage crypto assets such as staking.
Major crypto exchange Coinbase announced its acquisition of Hong Kong-based XAPO’s institutional business and also crossing 7 billion U.S dollars under asset valuation. Coinbase commenced the blog stating that they would seek to accomplish XAPO’s goal of making Bitcoin more secure and accessible to users. Furthermore, Coinbase is also inviting all XAPO users to its exchange platform.
Brian maintained that despite Bitcoin’s staggering bull run in recent weeks, the digital coin would remain highly sustained. He supported his quote noting that multiple new institutional investment products would hit the market. Brian summarized that these mainly include Bitcoin futures offerings, coming from players such as Bakkt and fellow exchange Binance. However, a decision on the legalities of a Bitcoin exchange-traded fund is due in the US.