Institutions Depositing $200-400M Into Crypto Per Week

Must Read

Can XRP defend its price?

Could XRP defend its price action, and rise back to $0.30? Here is my view on how...

With a 110% increase in crypto wallet adoption rates in 2020 are we set for another Bitcoin boom?

2020 has been a massive year for crypto adoption. In July alone, over 3.5 million crypto wallet app downloads...

DeepTradeBot: The innovation of large companies at your service

DeepTradeBot is a collection of automated trading tools developed by Deep Neuro Networks LTD, a London, England-based company...
- Advertisement -BTCClicks.com Banner
Earn Free Bitcoin

Bitcoin (BTC) adoption by institutions has gone from a myth to fact in the past year, the CEO of major cryptocurrency exchange Coinbase has said. 

“We know the answer” about adoption: Armstrong

Speaking on Twitter Aug. 16, Brian Armstrong said that 2019 had formed the year of reckoning for institutional Bitcoin uptake, with the trend now obvious. He wrote: 

“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.” 

Coinbase becomes world’s largest crypto custodian

Armstrong made the comments hours after Coinbase confirmed its acquisition of the international operations of storage giant Xapo. 

Despite Bitcoin’s 2019 bull run fizzling in recent weeks, Armstrong remained highly buoyant about the future, as multiple new institutional investment products hit the market. 

These mainly include Bitcoin futures offerings, which will come from players such as Bakkt and fellow exchange Binance. A decision on whether to allow a Bitcoin exchange-traded fund is meanwhile due from the United States in October. 

“In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties,” Coinbase hinted about its future plans in a blog post about the Xapo deal.

- Advertisement -
- Advertisement -

Latest News

Wyoming Amends Insurance Code to Allow Insurance Companies to Invest in Bitcoin & other Cryptos

In the first provision of its kind, Wyoming is allowing the domestic insurers to invest...
- Advertisement -Earn Free Bitcoin

Flyp.me Instant Crypto Exchange Now Supports REN Token Trading

Decentralized finance is leading the way of the cryptocurrency industry, with the REN Protocol at the front. REN Protocol is...

BLOCKCHAIN OVERCOMES POSSIBILITY OF FRAUD, LACK OF TRANSPARENCY AND TRUST IN THE GAMBLING INDUSTRY

DATE: 07/08/2020 In a recent study carried out by the UK Gambling Commission reveals that the gambling industry has...

The Kuailian Ecosystem, Bringing Blockchain Technology To The World

10 years have passed since the birth of Bitcoin and the first use of Blockchain, a technology that has not stopped evolving,...

Its’ Finally Here A 100% Local Non-Custodial P2P Cryptocurrency Marketplace.

Finfreeotc is soon launching a one of a kind peer to peer cryptocurrency market place. Their marketplace is 100% non-custodial,...