Institutions Are Reportedly Moving Hundreds Of Millions Of Dollars In Crypto To Coinbase On A Weekly Basis
Coinbase was recently in the news when the exchange said that it was able to stop an attack from a highly skilled hacker.
In a new blog post, Coinbase said that the hacker began sending emails to more than 12 of its employees back in May.
The Daily Hodl noted not too long ago that the emails seemed to be from Gregory Harris – a research grants administrator at the University of Cambridge.
Institutional money is flowing into Coinbase’s custody platform
Coinbase CEO Brian Armstrong just stated that institutional players are depositing huge amounts of crypto into the company’s custody platform.
He posted a new tweet in which he was addressing the company’s acquisition of the crypto platform Xapo and he highlighted the fact that institutional customers send between $200 to $400 million in crypto to Coinbase Custody on a weekly basis.
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
Coinbase said that it’s making huge efforts to bring billions of dollars coming from Wall Street into Bitcoin and crypto back in 2018.
This is why they launched Coinbase Custody and its OTC trading desk.
Vice president and general manager Adam White talked about the company’s master plan for institutions in an interview with CNBC.
“We think this can unlock $10 billion of institutional investor money sitting on the sideline. We’re seeing a rapid increase in attention awareness and adoption in the cryptocurrency market.”
Crypto whales buy the dip on Coinbase
The crypto market has been extremely fluctuating these days.
It’s been just reported that a lot of investors with large Bitcoin holdings are buying the dip instead of selling their coins, said that latest data coming from Coinbase, according to Daily Hodl’s reports.
Interestingly, according to Coinbase's data, 67% of customers with large BTC holdings (top 10%) are buying rather than selling in the last 24 hours. pic.twitter.com/mOfNMbscuc
— Larry Cermak (@lawmaster) August 15, 2019
Crypto researcher Larry Cermak addressed all the data on Twitter. This is available via Coinbase’s new trading signals initiative.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.