Just-In: Coinbase Opens its “Prime” Brokerage Services For 9K Institutional Investors
Coinbase Inc. ($COIN) has finally opened its Prime brokerage services to nearly 9,000 of its institutional investors, after launching the Beta version back in May. While Coinbase continues to rule the retail market, its Prine brokerage service would open the gates for any institutions to get access to the trading tools and services.
The Coinbase Prime Brokerage services constitute advanced trading, battle-tested custody, and financing in a single solution. The crypto trading giant who has been the primary choice of many institutions in the US for their Bitcoin purchase-including Tesla now wants to open a new avenue dedicated to institutional investors only.
“We have been working tirelessly since our beta launch in May to ensure that Coinbase Prime is the most comprehensive platform for institutional investors. Today, we’re officially launching Coinbase Prime to all institutions. Coinbase Prime combines advanced trading, battle-tested custody, and financing in a single solution. Along the way, we’ve continued to add more venues to our smart router which allows clients to achieve the best available price, more assets to our custody capability, enhanced our post-trade reporting capabilities, and added to our post-trade credit financing options.”
Coinbase Focuses on Development Despite Regulatory Uncertainties
Coinbase made a spectacular debut on Nasdaq in April this year after a slight delay due to a CFTC investigation. The crypto exchange has made stellar progress since its public debut accumulating over 50 million registered users and over $1 billion in quarterly profits. The exchange also managed to gain regulatory approval in Japan and Germany.
The US Securities and Exchange Commission earlier this month threatened Coinbase with a lawsuit over its unreleased lending product. The exchange claimed SEC refused to offer any clarity as to why their product qualifies as security which made things even more frustrating. Brian Armstrong, the CEO of the exchange took to Twitter to lash out at the regulatory body for their opaque nature of operations and demanded better clarity around security regulations.Source