New cryptocurrency digital exchanges are cropping up every day but CoinBase is a stand out. It’s not like it commands average daily volume like Binance, but the exchange is based in the US and that’s important. The location in a major economy draws trust.
Recently, the digital crypto platform said it is a bridge between fiat and crypto and this is true. Perhaps it is one of the few exchanges in the US which applies a very methodical and prudent approach before listing assets. However, they are opening up as demand spike from their 20 million users.
Still, being one of the pioneers, it commands authority and we can glean what the future of cryptocurrency-especially Bitcoin, holds just from their action. After all, is there any need to invest in a business or develop infrastructure—which is expensive, if there are no expectations of profit?
Bullish CoinBase Events in Q3 2018
Here are recent events that paint a VERY bullish picture of what cryptocurrency and digital asset investment hold for investors:
June: The Company is opening new offices across the US.
Aside from the New York and their head quarters, CoinBase opened doors at Portland, Oregon. According to Tina Bhatnagar, VP of Operations and Tech, CoinBase added 100 employees but the company is exploring other US cities looking at cities or state that best complements their activities. The Portland office will handle matters related to compliance, IT, finance and customer support.
June: Strides of Becoming SEC Regulated Broker Dealer
While it’s pending approval from federal authorities, CoinBase want to be a broker dealer. Their intention is not to offer bonds and things like those but to issue blockchain securities. Because of regulation and other compliance, the SEC and FINRA shall oversee their operation.
Then again, this is possible because CoinBase have the Alternative Trading System License (ATS) and Registered Investment Advisor (RIA) licenses. Further revealing their intention is the acquisition of securities dealers Keystone Capital Corp, Digital Wealth LLC and Venovate Marketplace, Inc.
July: CoinBase Custodial Services
This custody service is a highway for institutional investors and ultra high net worth individuals to get into crypto. What’s attractive with CoinBase custodial service is the high level of security and the fact that losses mean the exchange will offer some form of recompense.
Just like the FDIC would in traditional set up. CoinBase is exploring the possibility of adding more than 40 different digital assets and those that meet their digital asset framework shall be supported.
July and August: CoinBase Crypto Mass adoption efforts
Their partnership with London-based WeGift allows ordinary investors to purchase more than 120 different types of gift cards using crypto. Not only is it a novel idea but it acts as a simulator of how cryptocurrency can be made to use once it goes main stream.
Besides, it’s positive for cryptocurrency investors because it gives them the flexibility and control of how they spend their cryptocurrency. Around the same time, CoinBase said they are releasing a WooCommerce plugin enabling merchants all over the world to accept payment in crypto.
August: Instant Trading and limit Increment
Verified account users have had their daily trading limits increased to $25,000 complementing the platform’s instant trading feature.
September: Crypto ETF launch with BlackRock, New Assets Application
Rumors of their plan to launch a crypto ETF with the help of BlackRock did strengthen the market. Furthermore, at the same month they said plan to “rapidly add assets” to their platform. This is definitely because of increasing user demand.
Do you think CoinBase development has anything to do with future valuation of cryptos? Let me know your thoughts.