The Nasdaq-listed cryptocurrency exchange Coinbase announced that it is opening its crypto-brokerage platform Coinbase Prime to all institutional investors.
We’re launching Coinbase Prime to all institutions.
→All the tools and services you need to invest at scale, making it the most comprehensive platform for institutional investors.
Learn more here ↓https://t.co/0nuhGqNaqr
— Coinbase Institutional (@CoinbaseInsto) September 20, 2021
“Coinbase Prime combines advanced trading, proven custody and financing in a single solution,” said Greg Tusar, vice president of institutional products.
The company updated the platform in May 2021, unveiling a beta version with expanded functionality.
The launch of Coinbase Prime is linked to the acquisition of the cryptocurrency broker Tagomi. Media reported the deal in November 2019, but both companies denied it at that time. Coinbase confirmed the acquisition only seven months later.
Tusar noted that during the unit’s operation the exchange’s brokerage unit helped execute a number of major deals in the industry, including the purchase of crypto assets by Meitu, MicroStrategy and One River.
According to some reports, Tesla, Elon Musk’s company, reportedly used Coinbase Prime for purchasing Bitcoin for $1.5 billion.
In April, Coinbase announced the acquisition of Skew, a provider of cryptocurrency-derivatives market data, to expand its brokerage business capabilities.
“Coinbase Prime offers the tools and services institutions need to invest in digital assets, from working with our market-conditions services team to native cryptocurrency features such as staking and custody,” the statement said.
On 14 April 2021 Coinbase went public on Nasdaq. The day before the listing, in the long term, suggested that the company’s off-exchange business could rise to 50%.
For the second quarter, the company generated $2.2 billion in revenue, of which revenue from exchange fees amounted to $1.9 billion.
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