Coinbase opens its “Prime” Brokerage Services for thousands of Institutional Investors, the Prime service combines advanced trading, battle-tested custody, and financing in a single solution.
After introducing the Beta version in May, Coinbase Inc. ($COIN) has officially extended its Prime brokerage services to over 9,000 of its institutional investors.
While Coinbase continues to dominate the retail sector, its Prine brokerage service would make trading tools and services available to any institution.
Advanced trading, battle-tested custody, and financing are all included in the Coinbase Prime Brokerage offerings.
The crypto trading giant, which has been the preferred vendor for many US institutions, including Tesla, for their Bitcoin purchases, now wants to launch a new channel exclusively for institutional investors.
“We have been working tirelessly since our beta launch in May to ensure that Coinbase Prime is the most comprehensive platform for institutional investors. Today, we’re officially launching Coinbase Prime to all institutions.
Coinbase Prime combines advanced trading, battle-tested custody, and financing in a single solution. Along the way, we’ve continued to add more venues to our smart router which allows clients to achieve the best available price, more assets to our custody capability, enhanced our post-trade reporting capabilities, and added to our post-trade credit financing options.”
Despite regulatory issues, Coinbase is focusing on development.
After a brief delay owing to a CFTC probe, Coinbase made a triumphant launch on Nasdaq in April of this year.
Since its launch, the cryptocurrency exchange has amassed over 50 million registered customers and generated over $1 billion in quarterly earnings. In addition, the exchange received regulatory permission in Japan and Germany.
The US Securities and Exchange Commission threatened Coinbase with a lawsuit earlier this month over an unpublished loan product.
The SEC, according to the exchange, declined to provide any clarification as to why their product qualified as security, making matters even more frustrating.
The exchange’s CEO, Brian Armstrong, moved to Twitter to criticize the regulating body for their opaque operations and demand more information on security laws.