[ad_1]
Coinbase has revealed it now has $ 20 billion worth of cryptocurrency assets under management after adding $ 14 billion since April
Coinbase, the leading US-based cryptocurrency exchange, revealed that it now controls $ 20 billion worth of cryptocurrencies in its custody. This came after the company added $ 14 billion from institutional investors in recent months.
Brett Tejpaul, Coinbase’s head of institutional coverage, revealed this latest development in a YouTube interview. Tejpaul revealed that when he joined Coinbase in April, the company had only $ 6 billion worth of cryptocurrency in custody. However, they have since grown and now control over $ 20 billion in their custodial account.
Tejpaul is an experienced financial manager who has spent 25 years in trading sales. He was at Barclays for nearly 17 years and spent another nine years at JPMorgan Chase. His extensive experience in institutional finance has helped Coinbase increase its institutional investment.
Tejpaul told interviewer Eliisabetta Bartolini, partner of Heidrick & Struggles, that he joined Coinbase in April and is now tasked with growing institutional adoption of the cryptocurrency across sales, trading, custody and Prime.
Coinbase created Prime to target institutional clients, including venture capitalists (VCs), hedge funds and asset managers. Tejpaul added that some of Coinbase’s growth is due to the acquisition of Tagomi in May.
He said the acquisition of Tagomi has fundamentally transformed its ability to satisfy institutional clients, especially those who wish to use intelligent order routing and algorithmic execution. Thanks to innovation, Coinbase’s institutional trading volumes are 20 times those of the beginning of the year.
Tejpaul noted that Coinbase is measuring the new capital that enters the crypto space and most of them are in Bitcoin. Not surprising, considering that Bitcoin remains the largest cryptocurrency. The leading cryptocurrency has enjoyed a stellar year so far, with an increase of over 140% year to date.
As Coinbase records growth in institutional investments, the company is making changes that would have enabled them to provide better services to institutional clients. Tejpaul revealed that Coinbase upgraded its banking and auditing partners to JPMorgan and Deloitte, respectively. He said JPMorgan and Deloitte have taken the time to review Coinbase’s practice to ensure they have the correct know-your-customer (KYC) and anti-money laundering (AML) policies on their platforms.
Tejpaul concluded by saying he expects more institutional influx into the cryptocurrency space in the coming years.
