$20 Billion in Crypto Under Custody: Coinbase Sees ‘Explosion of Capital’ From Institutional Investors

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$20 Billion in Crypto Under Custody: Coinbase Sees ‘Explosion of Capital’ From Institutional Investors

Coinbase has revealed that it has had “an explosion of incoming capital.” Its assets under custody currently stand at $20 billion, $14 billion of which were accumulated since April. Coinbase highlights a string of bullish events that have “really unleashed” a wave of institutional adoption.

Coinbase Has $20 Billion Under Custody

Coinbase’s Head of Institutional Coverage, Brett Tejpaul, talked about institutional demand for bitcoin in an interview with Heidrick & Struggles International, published on Friday.

Tejpaul has 25 years of experience in sales and trading, with almost 17 years at Barclays, and nine years at JPMorgan. He explained that he joined Coinbase six months ago, and is now “responsible for growing the institutional adoption of cryptocurrency, across sales, trading, custody, and Prime.” Prime is Coinbase’s services for institutional clients, including asset managers, hedge funds, and VCs.

“It’s a phenomenal time for crypto … Sometimes timing is everything,” Tejpaul opined. “We have had an explosion of activity,” he added, elaborating:

I joined in April this year, at that time our assets, institutional assets under custody were $6 billion, today we stand at over $20 billion, so more than a three time increase. Read more...