Victor Ugochukwu · Dec 14, 2020 . 5min read
Coinbase’ client base touches 35 million users
Coinbase has revealed that its user base has grown to 35 million in its latest report. The firm has also disclosed plans of working with fin-tech firms.
By Shilika · Jul 25, 2020 . 6min read
Coinbase has revealed during its latest institutional review that its client base has hit 35 million users. This is up by 5 million since the start of the year. The report also highlighted the fact that Coinbase is expanding its trading capabilities to help fin-tech firms dive into crypto.
Coinbase commented on the importance of 2020 from an institutional point of view.
“The digital asset investor market continues to mature from its retail and crypto-fund roots. Today, many larger and more conservative institutional investors are allocating for the first time, using Coinbase to build direct positions and backing crypto fund managers as part of their alternatives strategy. We saw a noticeable uptick in our institutional business’s growth in H1 and continued to add leading university endowments, traditional multi-strategy hedge funds, VCs, and large family offices to our roster of clients buying digital assets directly.”
Coinbase acquired crypto broker Tagomi earlier this year. This means that investor will have access to different pools of liquidity on its platform. It will also enable Coinbase to integrate multi-venue execution going forward.
The company also plans on improving its lending capabilities by scaling its credit programs across fiat and digital assets.
Entrance of fin-tech firms
Observing the entrance of platforms like Paxos Crypto Brokerage and PayPals crypto services, Coinbase is interested in a piece of the pie. It had the following to say.
“We anticipate that the combination of Coinbase’s rapidly advancing crypto-as-a-service capabilities, which make adding crypto easier for fiat-native businesses, as well as visible success stories from public companies that have embraced digital assets, will continue to drive new entrants from the fintech, brokerage, and banking sectors,” Coinbase said. “We believe that eventually, all modern financial services businesses will want to provide their clients with digital assets as the asset class continues to grow and use cases broaden with advancements in crypto borrowing, lending, payments, staking, governance, remittances, derivatives, insurance, asset management, and more.”
Coinbase’s report found that Square’s Q1 BTC sales amounted to $306 million, which was a 367% from last year. This represents the growing interest that fin-tech and brokerages are showing in terms of adding crypto to their product suite.
The report also found that DeFi has had a big year. Total crypto collateral in DeFi grew 130% to $1.6 billion. Monthly transactional volume saw a massive increase of 3966% from 38 million to 1.5 billion.
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