Coinbase has announced the expansion of its prime brokerage services to its institutional clients. According to a blog announcement, the exchange will combine custody protected by insurance, trading and data analytics services within one interface.
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Greg Tusar, Vice President of Institutional Product at Coinbase, says the exchange has over 8,000 institutional clients and $122 billion assets on the platform as of the end of March 2021. While the largest US cryptocurrency exchange generates up to 7% of its revenue from institutional clients, its major revenue comes from the retail market. As Coinbase previously reported in its Form 8-K filing, its total revenue for the first quarter of 2021 reached the $1.8 billion mark.
Coinbase's expansion of services for institutional clients comes after the exchange hired ex-Goldman Sachs Global Co-Head of Government Affairs, Faryar Shirzad, as its new Chief Policy Officer. The exchange says Faryar will contact with lawmakers and regulators to expand crypto's potential to a more "equitable financial system."
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