This year hasn't been a good year for cryptocurrencies generally, as well as some exchanges. Well, that is not the case with Coinbase. Following the comment made by its CEO on Twitter, the exchange is seeing approximately $200-$400 million each week from institutional clients.
That's not all, the giant of cryptocurrency exchange also recently announced the acquirement of Xapo's institutional custody business. That being said, it's quite safe to say that coinbase is the No.1 janitor of cryptocurrencies for institutional investors.
This is also coming at a time when Bakkt has announced a date for their Bitcoin Futures launch, and Fidelity, TDA, and Etrade are all looking at getting involved in crypto for their institutional clients in varying ways.
With this huge milestone for Coinbase, there's every possibility that we're seeing the next phase of bitcoin investing ecosystem being built even before our own naked eyes. It's amazing to see good things coming to a project that isn't owned wholly by institutions.
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References:
1*Bit.com