Revisitation of the history of struggle for the power of Coinbase Crypto Company against the old guard of Wall Street

While one day is short in politics, this is a euphemism for cryptocurrency enthusiasts, especially if they look to 2018 as if it were not just a few weeks ago. It does not take too long to remember the high days when cryptocurrency market capitalization stood at just over $ 300 million with all the potential to rise higher.

It was at that time that the market was still diminishing the fumes of a bull market, especially since Bakkt alluded to the creation of a cryptographic Wall Street, but then the hat was cut in half by the end of 2018.

From that moment, both the rhetoric of places like Wall Street and Goldman Sachs became more turbid when they approached cryptocurrency. Meanwhile, Coinbase he has never been clearer with his intentions, and while he has begun to reach more deeply the innovation and the blockchain development, it seems that he is taking a firmer grip in his roots.

Instead of pushing into a wall street east of the east coast, otherwise confused and hazy, Coinbase is sitting in San Francisco's Market Street, looking back at his blockchains like Polychain and Pantera on BlackRock and Goldman Sachs.

So how did we get here?

Along with this pin away from Wall Street, this resulted in the decision not to pursue Jonathan Kellner anymore, Coinbase is surprising the market in general. According to Adam White, who discussed this constant transition to capitalize on institutional investments during an interview in May 2018.

White talked about how Coinbase intended to capture a "wave of institutional capital waiting at the margins". White went further to emphasize, however, that "before moving into space, we must have the fundamental components, the infrastructure, the institutions used in."

While this was the initial strategy that White led, he began to face the constant opposition of the vertices, according to those who worked in close proximity during this period.

What drove this resistance to growth was the fact that it became increasingly obvious that it would be useless to communicate with Wall Street during a downward recession in the cryptocurrency market.

And this is not exactly surprising for companies that work in close proximity to Wall Street: they often require much more financial support than a simple cryptocurrency fund; services such as derivatives, hedge funds and margin are necessary.

What about institutional money?

In Coinbase of the mind, the institutional money is out there, and they do not doubt it. Edward Woodford, who works as CEO of SeedCX, an exchange of cryptocurrencies, said that institutional interest is not only out there, but is growing considerably.

While the push to Wall Street has cooled in recent months, it has not stopped permanently. For example, he showed no intention of stopping his foray into the Chicago Stock Exchange to build his Wall Street quality matching system. He has not even slowed down his custody business, it's just a change of course of his priorities.

While the decision not to pursue Kellner was met with some skepticism from investors, those who see it as a big loss for Coinbase, losing one of Wall Street's intuitive minds. Meanwhile, others consider it only a reorientation of priorities to its natural inclination, which allows it to emerge again from a position of strength.