Coinbase says institutions started spending huge amounts of money on Ethereum in addition to Bitcoin so let’s find out more about it in the latest coinbase news today.
In a 2020 overview, the US-based company said that BTC still remains the favorite among institutional players but noted that the big money is also pouring in for Ethereum as well. Coinbase says institutions spend huge amounts of money in ETH as well:
“The case for owning Ethereum we hear most frequently from our clients is a combination of i) its evolving potential as a store of value, and ii) its status as a digital commodity that is required to power transactions on its network…
While our institutional clients predominantly bought Bitcoin in 2020, a growing number also took positions in Ethereum, the second-largest crypto asset by market capitalization. Ethereum performed well against USD in 2020, outpacing Bitcoin to finish the year up 487% at 5.
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The reports by Coinbase point to ETH’s scaling issues as the ongoing challenge and highlights the potential for smart contracts and blockchain and their role in the future of finance. Ethereum’s programmability is what will bring us more challenges but also incredible potential. The issues that arise with apps using ETH include scaling issues, high costs, gas fees, and increased attack surface on the complex smart contracts which can grow to hold huge stockpiles of crypto assets and this attracts bad actors as well.
The potential benefits of applications that are built on Ethereum are significant. In 2020, ETH developer and investment activity in Defi increased so as a result, so did the use of ETH-based stablecoins like Tether and USDC. Coinbase stated that it also crossed a new milestone with the rise in the number of users on its platform. It now has about 43 million customers across the world and holds over $90 billion in crypto assets.
As per the recent reports, the company claims to have about $90 billion on its exchange across a range of crypto assets and the exchange also detailed the relationship with Microstrategy which is the popular tech company that helped purchase huge amounts of BTC. In the newly released report, Coinbase said that it now has over $90 billion in crypto on its platform. The report is geared to Coinbase’s institutional clients was released a few days ago and tries to clarify the company’s place on the broader crypto ecosystem.
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