Coinbase, with 9K Institutions Already Enrolled, Launches ‘Prime’ Out of Beta

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Coinbase said on Monday it opens its Prime crypto brokerage to all institutional investors.

The range of trading tools for professional investment firms already has a list of 9,000 institutions, including hedge funds and family offices, according to data shared in Coinbase’s latest earnings call.

Coinbase has long been viewed as a stronghold for retail crypto action, and the launch of Prime is expected to further consolidate the listed exchange as a leading force in the adoption of institutional crypto. The most recent letter to the shareholders of the company noted Institutional trading accounted for 69% of Coinbase’s $ 462 billion trading volume in the second quarter.

In a blog post on Monday, Greg Tusar, vice president of institutional products at Coinbase, said clients Meitu, MicroStrategy and One River are using the exchange’s “full platform to execute some of the industry’s most important trades. “.

Tesla CEO Elon Musk, PNC Bank, SpaceX, Tesla, Third Point LLC and WisdomTree Investments also named as clients in letter to shareholders last month.

Coinbase’s Prime brokerage offering stems from the exchange’s acquisition of Tagomi in May 2020.

Read more: Behind the buzzword “Prime Broker” lies a complex game of strategy for crypto firms

Here’s a hyped video explaining how Prime works:

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