Coinbase Institutional announced the launch of a revamped version of its prime brokerage platform. It is a part of the company’s plan to attract institutional investors and financial companies. It is the first time it has fully integrated full-stack features including advanced trading, custody, data analytics, and prime services.
According to Coinbase, the Institutional division caters to operating at scale over 8000 clients and $122 billion in assets in March 2021. Coinbase revamped prime services aimed at investors, banks, and companies “looking to add crypto to your balance sheet”. Coinbase custody supports more than 100 assets across 15 different blockchains.
“We are bringing trading, algos, smart order routing, along with one of strong custody offering in the industry- building our institutional product suite to provide institution with most seamless, intuitive and trusted solution to manage crypto asset.” said Greg Tusar, Vice President of Institutional product at Coinbase.
Coinbase prime will offer new features, including quickly transfer between our segregated cold storage and trading balance. It also allows access to more venues for deep liquidity. Their smart order routing will automatically route orders to the best all-in price. Advanced algorithms will minimize market impact and slippage. It also includes staking and governance.
Prime offering comes amid leading investors and institutions actively exploring cryptos in their portfolios. Simultaneously corporations showing massive interest in looking at their balance sheet with crypto, including Microstrategy and Meitu. Microstrategy recently purchased $10 million worth of Bitcoin. Meanwhile, Meitu allocated $100 million in crypto, becoming the first Asian country to add crypto to their portfolio.
Coinbase invested in multiple acquisitions over the past three years signaling their commitment to the institutional space. Coinbase acquired Skew, Tagomi, and Xapo to bring fully integrated solutions to the market.
