During an on-stage discussion at Consensus, Brian Armstrong, CEO of major United States cryptocurrency exchange Coinbase, said that its custody service has already received $1 billion in crypto under management.
Panel moderator and Wall Street Journal reporter Paul Vigna asked Armstrong about the perspectives of institutional investments in the crypto industry.
In response, the Coinbase CEO provided an example of his own company, noting that Coinbase Custody managed to get $1 billion in assets under management in just 12 months after its launch.
Armstrong believes that investments in the sphere will grow rapidly, as institutions want their funds to be active while in custody.
The Coinbase CEO stated that institutions want their funds to stake, vote and do governance on-chain.
As for the most popular asset among the institutional investors, Armstrong thinks that bitcoin is still at the top of the list.
The interest in other coins is growing too, which is why Coinbase currently provides 30 altcoins for institutions, he noted.
Finally, Armstrong mentioned that Coinbase Pro - an upgraded trading platform for advanced users - currently has more than 60% of its trading volume coming from institutions.
As Cointelegraph previously reported, Coinbase officially launched its custody for institutional investors last July.
Coinbase expanded the trade of USD Coin to customers in 85 jurisdictions.
Brian Armstrong: Coinbase Custody Has $1 Billion of Crypto Under Management
Published on May 15, 2019
by Cointele | Published on Coinage
The Cryptocurrency Act of 2020 Is 'Dead on Arrival,' Washington Tells Sponsors
An omnibus bill aimed at comprehensive reform of U.S. cryptocurrency regulation was introduced Monday by Rep. Paul Gosar.
In Fight Against Coronavirus, Governments Face Trade-Offs on Privacy
After draconian measures were implemented in China to halt the rapid infection rate of the virus, including movement restrictions, large scale surveillance and forced isolation, it seems such measures are working, with new cases in China declining.
Think a Privacy Law Will Stop Surveillance Capitalism? You Don't Know Google
Mar 20, 2020 at 15:45 UTCUpdated Mar 22, 2020 at 21:05 UTC.Alex McDougall is the co-founder of Bicameral Ventures, a venture capital firm focused on blockchain, interoperability, data and identity self-sovereignty, personalized AI and Web 3.0.The business model where users with the fewest privacy settings are the most profitable.
Tether Stablecoin Launches on Its Seventh Blockchain
Tether, the world's largest stablecoin by market value, is now live on the Bitcoin Cash network.