Coinbase is launching Coinbase Prime, a platform that will be separate from the “standard” exchange and will be dedicated to institutional clients, for trading and brokerage.
The announcement came from Greg Tusar, vice president of Coinbase Institutional, which offers services to institutional clients.
Coinbase Prime is currently in beta and provides financial institutions, institutional investors or companies with everything they need to enter the crypto space: from data analysis to advanced trading tools as well as exclusive services for them, such as:
- Seamless transfers between segregated cold storage and platform balance;
- Access to more than 10 platforms for deep liquidity;
- Intelligent order routing that automatically routes each order to the venue with the best all-in prices;
- Advanced algorithms designed to minimize market impact and slippage;
- Detailed trade cost analysis reports that provide transparency on exactly how the trade was executed;
- Enhanced user roles, permissions and sub-accounts;
- Native cryptocurrency features such as piling and governance;
- Concierge support from our hedging, account management and trading.
Why Coinbase Prime
Coinbase Prime was born out of Coinbase‘s need to cater to even the most discerning user base of advanced traders. In fact, Coinbase has been chosen by Microstrategy and Tesla for their investments in Bitcoin.
Greg Tusar explains:
“Institutional acceptance of crypto has grown at a breakneck pace — as we’ve seen over the past six months alone, leading investors are either actively allocating a portion of their portfolios to crypto or are seriously exploring it. At the same time, we’re seeing tremendous interest from corporations that are looking to diversify their balance sheets with crypto including MicroStrategy and Meitu”.
Coinbase Prime wants to be their platform:
“Coinbase has reimagined our Prime offering based on feedback from hundreds of clients to bring the first integrated product offering to market. We are bringing trading, algos, smart order routing, along with one of the strongest custody offerings in the industry — building our institutional product suite to provide institutions with the most seamless, intuitive, and trusted solution to manage crypto assets. We have invested in multiple acquisitions over the past three years signalling our commitment to the institutional space (skew, Tagomi and Xapo) and our desire to bring a fully integrated solution to the market. Advanced traders need more complex tooling, trading features, and reporting — we are proud to bring them that and much more with the launch of Coinbase Prime”.
Coinbase Prime joins other services already offered by Coinbase to this audience, such as Coinbase Custody which boasts 100 assets across 15 different blockchains. Coinbase manages $122 billion in assets for 8,000 customers.