"There is clear demand from institutional clients and financial services professionals for more specific solutions with regard to cryptocurrencies that address their sophisticated needs".
Coinbase Custody, a service that was announced earlier this year, comes a part of a suite of institutional products released by USA firm. Coinbase has already gained experience in storing over $20 billion of cryptocurrency on behalf of customers but earlier it hasn't had a separate product for storing holdings.
Coinbase Custody is a cryptocurrency custodian that will be introduced in collaboration with an SEC-regulated broker-dealer.
While Coinbase has said it doesn't consider tokens on its exchanges to be securities, the regulatory view on that is hazy.
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The second product, Coinbase Markets, will be headquartered in a new office in Chicago, and will offer features such as "low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services" to customers.
The Tribune report cites Coinbase's desire to "be close to burgeoning digital currency markets, big investors", and "a vast pool of local talent" for the company's decision to launch an office in Chicago.
The Coinbase Custody product is looking to solve the issue of security. "We look forward to adding talented engineers who are motivated by our mission to create an open financial system for the world", said he.
Coinbase Prime, a new platform designed for institutional investors, plans to offer lending and margin financing products, high touch and low touch execution services like OTC trading and algorithmic orders, and new market data and research products.
"At Coinbase, we welcome these developments as they help accelerate the world's adoption of cryptocurrency by bringing new capital, greater awareness, and additional infrastructure to the space", White wrote. That is what The Coinbase Institutional Coverage Group aims to provide. And especially getting as numerous key staff as we need. Having this idea in mind, the company has created the Coinbase Institutional Coverage group that will provide all kinds of support including sales trading, research, market operations services.
The last announcement made by Coinbase is regarding its Institutional Coverage Group, headquartered in the NY office.
"Thank you coinbase for helping large institutional investors invest!"