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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 has 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 of 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 that insiders claimed that Coinbase was about to launch an institutional-based OTC (trading over the counter) in May, it was not a sound 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 recently launched 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 leveraging our exchange and our OTC counter was a huge benefit for our customers. We are therefore only agencies and we plan to expand the service to also propose a deferred settlement and integration in our conservation platform. "
Speaking of the difference between the OTC transaction of Coinbase versus that of Circle or Genesis Trading, the representative of the startup said that the platform of his company corresponds directly to a manufacturer and a crypto taker.
The institutional clients of Coinbase remain optimistic about Crypto, "nothing has changed"
Discussing the flavor of the month, the latest incursion of Bitcoin down, with cryptographic assets setting the bulls' lowers of the year, the Cheddar presenter asked Sandler how the Coinbase customers had reacted to this drastic decision.
Sandler, seemingly undisturbed by the draw by the crypto herself, replied with apparent calm, noting:
"[Crypto’s decline] was certainly in the mind. Our crypto-first customers tell us that nothing has changed in technology and that they are still totally committed to crypto and blockchain. So, I think there is a positive aspect to this volatility … [and that is] this crypto has become a priority in the major financial media in recent weeks. "
And as the appearances of cryptographic leaders on CNBC, CNN and Bloomberg show, 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 trouble for traders, this technology, recently reinforced by incessant coverage by the general public, still has immense 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 actually begin, cryptocurrencies will have to become less homogeneous through the spread of various projects, services and ultimately participants.
Featured image of Shutterstock
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