Coinbase reinforces its institutional relations as it continues to pave the way for institutional involvement in the crypto space. Coinbase announced the acquisition of the leading institutional crypto brokerage Tagomi, as we are reading in the Coinbase news below.
Tagomi, a San Francisco-based crypto exchange, announced the acquisition and the move seems to be aimed to bolster the propositions of the company for advanced traders and the sophisticated crypto investors. According to the official report, there is an increase in demand on behalf of the institutional investors over the past year and this caused a huge growth in the exchange’s Custody solution as well as the increased volume on the trading platform:
“The addition of Tagomi will round out our product suite for the fast-growing institutional trading market. It will allow us to offer custody, professional trading features, and prime brokerage services on one platform, giving sophisticated investors the seamless, powerful trading experience they have come to expect in equities and FX markets.”
As Coinbase reinforces the institutional relations, it seems that the exchange is preparing for more comfort and traditional institutional investors. The exchange became one of the first clients from the crypto field of the US banking giant JP Morgan. The claims of the company didn’t come without merit. According to a recently released survey from Big Four auditing company PwC, the institutional interest in cryptocurrency almost doubled in 2019.
Grayscale, which is an established authority in institutional crypto investing, reportedly increased the exposure to Bitcoin as it acquired around 33% of all of the bitcoins mined over the past 100 days. This lines up with what coinbase had to say about the latest acquisition:
“Today, we’re at an inflection point in the industry, with some of the world’s top hedge fund and macro investors entering the space and searching for the right infrastructure through which to engage with crypto.”
As of recently, Coinbase supports OmiseGo on the main platform but also on the iOS and Android apps. According to the announcement, Coinbase customers can now purchase, sell, and convert or even store OMG. OMG will be available for customers in all of the Coinbase-supported regions except New York. Coinbase custody is now the primary custodian for FTX and the company will be responsible for the storage of the ERC-20 exchange token FTT.
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