Coinbase Snags Major Hedge Fund Customer For Its Coinbase Prime Service
Coinbase Prime, the institutional trading platform launched by North America’s largest cryptocurrency exchange Coinbase, has racked up a major customer for its services. According to reports, the San Francisco-based exchange has signed a hedge fund with more than $20 billion in assets as a customer. It is also said to be courting other hedge funds in its bid to increase the share of institutional customers in its portfolio. Coinbase Prime is a suite of tools launched by the exchange for institutional customers. These tools include margin financing, OTC block trading, and execution algorithms. The company also launched a custody solution recently aimed at institutional investors. During its launch, the company said it had already signed up ten hedge fund clients and was targeting $5 billion in assets and 100 clients by the end of this year.
