The CEO of major cryptocurrency exchange Coinbase has said that institutions are depositing 200 to 400 Million dollars each week into cryptocurrency.
Speaking on Twitter Aug. 16, Brian Armstrong said that 2019 had formed the year of reckoning for institutional Bitcoin adoption. He wrote:
“Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.”
Armstrong made the comments after Coinbase confirmed its acquisition of the international operations of storage giant Xapo.
This has placed Coinbase on the top of the institutional manager list for crypto with $7 billion of assets under custody.
Bitcoin’s 2019 bull run seemingly regressing, Armstrong remained strong about the future, as multiple new institutional investment products hit the market.
Coinbase hinting about its future plans in a blog post about the Xapo deal said:
“In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties,”