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26 November 2020

$20 Billion in Crypto Under Custody: Coinbase Sees 'Explosion of Capital' From Institutional Investors | Bitcoin News

$20 Billion in Crypto Under Custody: Coinbase Sees 'Explosion of Capital' From Institutional Investors | Bitcoin News

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He explained that he joined Coinbase six months ago, and is now “responsible for growing the institutional adoption of cryptocurrency, across sales, trading, custody, and Prime.” Prime is Coinbase’s services for institutional clients, including asset managers, hedge funds, and VCs.

“Earlier in the summer, we acquired an execution platform called Tagomi and it brought with us overnight, it radically transformed our ability to cater to institutional clients that want to use smart order routing and algorithmic execution, so the stat there is that our trading volumes are 20 times what they were in the beginning of the year,” Tejpaul continued.

He then highlighted recent bullish events in the crypto space, beginning with famed hedge fund manager Paul Tudor Jones, who said in May that he put about 2% of his portfolio into bitcoin.

Other famed hedge fund managers who have made bullish statements about bitcoin include Bill Miller, who said every major bank will eventually have exposure to bitcoin, and Stan Druckenmiller, who called bitcoin an attractive store of value that could beat gold.

“By 9:30 in the morning, I had five separate institutional clients called to invest over $100 million each.” He explained that people sitting on the sideline “are now looking at major banks, major accounting firms, major hedge funds, major endowments, and now Paypal getting into this space,” concluding:

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Bitcoin and Ether Market Update November 26, 2020 | BTCMANAGER
published: 52 minutes ago
Total crypto market cap erased $8 billion of its value for the period since Monday morning and now stands at $530.4 billion. The top ten coins are all in red for the last 24 hours with Chainlink (LINK...

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