Interest for Bitcoin and other cryptocurrencies is increasing among the institutional investors. Coinbase VP and GM, Adam White revealed this fact and shared that Coinbase is also working on driving institutional investor interest it by focusing on transparency, compliance, and regulatory clarity.
Coinbase VP assures institutional investors’ interest in Bitcoin and other coins are rising
According to the Vice President and General Manager of Coinbase Adam White, institutional investors interest is increasing in the bitcoin and other cryptocurrencies space and institutional investment are helping the industry grow.
In his interview with CNBC’s Fast Money, White shared,
“What’s so unique about cryptocurrencies, and in many ways, this asset class, [is that it] was driven by retail investors — not institutions.”
“He further shared this was the reason that Coinbase was surprised with the unprecedented interest from the institutional investors throughout last year.”
According to White, “institutional conversations have become more and more profound.” This is what led the San Francisco-based crypto exchange to open another office in New York and launch a series of new products and services like Coinbase Custody to cater to institutional investors.
Coinbase to pave the way for institutional investors
However, to attract the institutional investors in a large number, the crypto market needs to be more transparent, compliant and have regulatory clarity. This is the way to bring the institutional investors and money into the crypto space.
White says, “Those are the exact three things Coinbase is working on”, but he clarifies these things doesn’t happen overnight.
He further shares,
“What we’re seeing though, with institutions, is that they want absolutely the right regulatory structure around it.”
According to White, it doesn’t matter if they are retail investors or crypto hedge funds, everyone value these assets differently. Now, the core metrics involves the daily transactions, volume moving through it and how many are exactly building on top of it.
“The end of the day these are open protocols that facilitate the kind of value, creation and movement”.
The largest crypto exchange in the US, Coinbase recently announced that it is considering listing 5 new coins due to rising demand from customers
“We have a long-term vision for space. And we are focused on building the exchange, the wallet, the custodian, that allows capital to move into space”
It has also been revealed that Coinbase has also received the green light from the authorities to list those crypto assets that are deemed securities. It’s a possibility that Coinbase might add hundreds of cryptocurrencies in the future but it has always been cautious of adding more coins, so it’s all wait and watch for now.
How will this news affect bitcoin and other cryptocurrencies? Will see Bitcoin ETF’s soon?