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.
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