Crypto adoption fact says Coinbase CEO. Crypto Adoption by financial institutions is not just a myth any longer. According to the Coinbase CEO, 2019 has been a landmark year for institutions investing in Bitcoin.
Speaking on Twitter today, Brian Armstrong said that 2019 was the year where the trend of financial institutions investing in crypto is obvious.
Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.
— Brian Armstrong (@brian_armstrong) August 16, 2019
Armstrong made the comments hours after Coinbase confirmed its acquisition of Xapo, an international storage giant. This cements Coinbase’s status as the top institutional manager for crypto with $7 billion of assets under its custody.
This is bullish news considering Bitcoin’s 2019 bull run seemingly fizzling in the last few weeks. Armstrong seems very confident about crypto’s future, however, noting catalysts like Bitcoin futures offerings via Bakkt and Binance.
“In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios, and lending crypto to trusted counterparties,” said Coinbase in a blog post about the Xapo deal.
What do you think? Could Coinbase be looking at a futures market? We noted how Barclay’s has ended their partnership with Coinbase – do you think this will help them regain that relationship in the future? Let us know what you think on our Facebook page!
