Share this article
Coinbase, With 9K Institutions Already Enlisted, Launches ‘Prime’ Out of Beta
The prime brokerage offering could further cement the exchange as a leading force in institutional crypto adoption.
By Zack Seward
Updated May 11, 2023, 7:04 p.m. Published Sep 20, 2021, 1:16 p.m.
Make us preferred on Google
Coinbase said Monday it’s opening its prime brokerage to all institutional investors.
The line of trading tools for professional investment firms already boasts a roster of 9,000 institutions, including hedge funds and family offices, according to data shared during Coinbase’s most recent earnings call.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Coinbase has long been assumed to be a bastion of retail crypto action but the launch of Prime should further cement the publicly traded exchange as a leading force in institutional crypto adoption. The company’s most recent shareholder letter said institutional trading accounted for 69% of Coinbase’s $462 billion in second-quarter trading volume.
In a blog post Monday, Greg Tusar, Coinbase’s vice president of institutional products, pointed to clients Meitu, MicroStrategy and One River as using the exchange’s “comprehensive platform to execute some of the largest trades in the industry.”
Tesla CEO Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC and WisdomTree Investments were also singled out as clients in a shareholder letter last month.
Coinbase’s prime brokerage offering stems from the exchange’s acquisition of Tagomi in May 2020.
Read more: Behind ‘Prime Broker’ Buzzword Lies a Complex Strategy Game for Crypto Firms
Here’s a hype video explaining how Prime works:
Plus pour vous
Больше для вас
Gold firm Elemental Royalty to pay out dividends in Tether's tokenized gold
The company claimed the bragging right of being the first to let investors opt for dividend payments in a cryptocurrency, backed by gold.
Что нужно знать:
- Elemental Royalty is the first public gold firm to pay dividends in tokenized gold
- Shareholders can now elect to receive returns in Tether Gold (XAUT), a blockchain-based token backed by physical gold.
- Tokenized gold saw rapid growth over the past year amid rising retail demand for the yellow metal.
