Leading into the end of the major crypto rally in 2017 the question on peoples lips was whether Bitcoin would be headed to the mainstream. There was lots of talk of landlords, Ferrari garages and corner shops accepting Bitcoin as payment for goods. Now Coinbase CEO Armstrong says that major institutions are depositing in large amounts at the exchange.
After confirming the companies acquisition of the international operations of storage giant Xapo. Armstrong said “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.”
Coinbase has now become the world’s largest crypto custodian which puts them in the top spot for the institutional manager list for crypto with $7 billion of assets under custody. It does not seem like they are stopping there as Armstrong went on to say “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,” exciting times.