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Since the creation of Coinbase in June 2012, the San Francisco-based startup has become world-renowned for its penchant for innovation within the cryptosphere and Bitcoin ecosystem. And this theme has fortunately persisted to this day, even though the difficult market situation in 2018 has brutally executed a plethora of new cryptographic systems, with the exception of Coinbase and other "too big to fail" platforms.
Not only has the company continued to rake in exorbitant profits, while collecting millions of venture capital, but it has also spread to new crypto sub-industries, such as the burgeoning institutional sector.
Like Bitcoin Falters, Coinbase launches OTC "agency-only" office
After the loss of Adam White by Coinkase Institutional to Bakkt, which would probably have catalyzed the closure of its index fund, speculation raged over the health of the institutional crypto subsector obscured. More specifically, some skeptics have even claimed that, despite the announcement of Bakkt by Intercontinental Exchange, institutional incursions are rare.
However, a representative from Coinbase, coupled with a new impetus for the institutional actors sector, made it clear that this could not be further from the truth.
Although NewsBTC reported insiders claiming that Coinbase was about to launch an institution-based OTC trading cartel in May, it was just a well-developed rumor. However, in a recent interview with fintech Cheddar media, Christine Sandler, head of coverage at Coinbase, revealed that these supposed plans had become a reality.
Exclusive: @Coinbase launches agency-specific OTC trading platform to meet customer demand. #CheddarLIVE pic.twitter.com/rmswi5pqpj
– Cheddar (@ Cheddar) November 27, 2018
Sandler, discussing the issue in an exclusive interview, said that Coinbase had recently opened an OTC ticket office behind closed doors to complement its traditional exchange activities. Explaining that this company was catalyzed by the presence of a worthwhile interest, the leader, admitting that the launch of OTC on Coinbase was "opportunistic", said:
"We have found that many institutions use OTC to speed up [their fiat] for crypto trading. We therefore felt that it was a huge advantage for our customers to take advantage of our exchange and our OTC counter. We are therefore only agencies and we plan to expand the service to also propose a deferred settlement and integration in our conservation platform. "
Explaining what sets the Coinbase OTC transaction apart from that of Circle or Genesis Trading, the startup representative said that her company's platform is directly related to a manufacturer and a crypto taker.
The institutional clients of Coinbase still optimistic about Crypto, "nothing has changed"
Discussing the flavor of the month, the latest incursion of Bitcoin down, with cryptographic badets setting the low of the year that would thrill the bulls, the Cheddar presenter questioned Sandler on the reaction of customers of Coinbase against this drastic measure.
Sandler, seemingly undisturbed by the draw by crypto herself, replied with apparent calm, noting:
"[Crypto’s decline] was certainly in the mind. Our first crypto customers tell us that nothing has changed in technology and they are still totally committed to crypto and blockchain. So, I think there is a good side to this volatility … [and that is] this crypto has become a priority in the major financial media in recent weeks. "
And as evidenced by crypto executives appearing on CNBC, CNN and Bloomberg, for example, it has been proven that Sandler's two aforementioned points have struck a chord with investors around the world. The fact is that while the disappointing performance of Bitcoin since the beginning of the year has been a source of concern for traders, this technology, recently reinforced by incessant consumer coverage, still has tremendous intrinsic value. innovative abilities and the ability to usurp traditionalists in their own way.
Linking this to the underlying mission of Coinbase to create an open financial system for the world, the hedging specialist has indicated that for global adoption to really begin, cryptocurrencies will have to become less homogenous through the spread of various projects, services and ultimately participants.
Featured image of Shutterstock
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