Despite what naysayers may want to believe, money is pouring into the cryptocurrency space, especially within 2019. As CoinTelegraph reports, institutional money, in particular, is being put into crypto more than ever. According to Brian Armstrong, the CEO of US-based cryptocurrency exchange, Coinbase, there’s anywhere from $200 million to $400 million heading into the space every single week:
“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.”
Armstrong shared this fact on Twitter, just hours after the Xapo acquisition. The publication reports that this puts Coinbase on “top of the institutional manager list” in the world of crypto, considering they just brought in the “largest custodian” of Bitcoin in existence. Now, the Coinbase holds over $7 billion worth of assets in its custody. It exemplifies this in a blog post about the purchase:
“Coinbase Custody has grown to over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, making it the largest, most globally recognized and most trusted institutional custodian in the world. From the start, our goal has been to build the trusted foundation for institutional investment in Bitcoin (BTC) and crypto assets in general. We’re thrilled to help enable some of the tremendous demand for this emerging asset class.”
Of course, we’ve seen even more positive news in the space today, with Bakkt, a platform built to securely store and transact digital assets, finally being granted the license to offer Bitcoin futures. That and the world’s largest crypto exchange by volume, Binance, is coming along soon to do so as well.
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