Coinbase has revealed that it has had “an explosion of incoming capital.” Its assets under custody currently stand at $20 billion, $14 billion of which were accumulated since April. Coinbase highlights a string of bullish events that have “really unleashed” a wave of institutional adoption.
Coinbase Has $20 Billion in Custody
Coinbase’s Head of Institutional Coverage, Brett Tejpaul, talked about institutional demand for bitcoin in an interview with Heidrick & Struggles International, published on Friday.
Tejpaul has 25 years of experience in sales and trading, with almost 17 years at Barclays, and nine years at JPMorgan. He explained that he joined Coinbase six months ago, and is now “responsible for growing the institutional adoption of cryptocurrency, across sales, trading, custody, and Prime.” Prime is Coinbase’s services for institutional clients, including asset managers, hedge funds, and VCs.
“It’s a phenomenal time for crypto … Sometimes timing is everything,” Tejpaul opined. “We have had an explosion of activity,” he added, elaborating: