As blockchain technology has started gaining the interests of the financial industry, crypto-related startups and companies are striving hard to introduce services that could lure the large-scale institutional investors. One such example is the popular cryptocurrency exchange Coinbase, which has broadened its product line by launching four new crypto investment tools.
The San Francisco based exchange announced on Tuesday its four new financial tools focused at a group that hasn’t been much friendly towards cryptocurrency. The four products include: Coinbase Custody, Coinbase Prime, Coinbase Markets and The Coinbase Institutional Coverage Group.
“We think this can unlock $10 billion of institutional investor money sitting on the sideline,” said Adam White, Coinbase vice president and general manager in a Medium post. “We’re seeing a rapid increase in attention awareness and adoption in the cryptocurrency market.”
Coinbase Prime is a tool specifically created to help big financial institutions trade cryptocurrencies. For this purpose, Coinbase Prime comes with a whole suite of special tools. Moreover, the Coinbase Prime will also help the institutional whales with research and market data.
“At Coinbase, we welcome these developments as they help accelerate the world’s adoption of cryptocurrency by bringing new capital, greater awareness, and additional infrastructure to the space,” White wrote. “This movement requires institutional grade products and services, something Coinbase has been developing with leading institutions and which we are proud to formally launch today.”
The San Francisco based exchange also revealed that it has already struck deals with several cryptocurrency investment firms such as Boost VC and Walden Bridge Capital for its custody service. Coinbase Custody is basically a crypto storage service that stores funds in cryptocurrency.
White claims that Coinbase Custody will be regulated and compliant with the U.S crypto watchdog, Securities and Exchange Commission (SEC).
Along with the announcement of new tools, Coinbase also announced that it is opening a new office in Chicago to strengthen and expand its Markets platform and also to accommodate with institutional client’s needs of liquidity.
The Institutional Coverage Group will operate from Coinbase’s New York office and it will be dedicated to assist institutions with sales trading, market operations, research and client services support.
With major financial institutions like NASDAQ, JP Morgan, Goldman Sachs, The New York Stock Exchange, showing interest in the crypto market, it isn’t hard to guess that Coinbase is trying to lure the bull that is the Wall Street.