The Nasdaq-listed cryptocurrency exchange Coinbase has revealed record growth in its institutional business. “This year, interest from pension funds and hedge funds has skyrocketed, supported by the roll-out of crypto-ETPs as well as an increased understanding of the crypto economy,” said Coinbase.
Coinbase Sees Interest From Institutional Investors Skyrocketing
Cryptocurrency exchange Coinbase (Nasdaq: COIN) reportedly revealed Tuesday that between Dec. 31 last year and the end of the first quarter this year, its institutional holdings grew 170% from $45 billion to $122 billion.
The company has over 8,000 institutional clients currently, including hedge funds, asset managers, pension funds, and endowments. Many institutional clients use Coinbase Custody, a crypto custody service with an insurance policy for institutional clients. The service, launched in 2018, supports over 90% of cryptocurrencies by market capitalization.
Drew Robinson, Head of Hedge Fund Sales at Coinbase, says:
Over the last 12 months, we have seen a growing interest from institutional investors seeking to take advantage of