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U.S. crypto exchange Coinbase Global Inc (NASDAQ:COIN) has launched a comprehensive trading platform for institutional investors.
What Happened: In an announcement on Monday, Coinbase unveiled its Coinbase Prime brokerage platform meant exclusively for institutions to trade cryptocurrencies.
“Coinbase Prime combines advanced trading, battle-tested custody, and financing in a single solution,” said Greg Tusar, vice president of institutional product at Coinbase.
The platform is meant to handle orders that are significantly larger in size than on Coinbase's retail trading platform.
During the beta phase of testing, Tusar said clients used the platform to “execute some of the largest trades in the industry.”
Firms like Meitu Inc (OTC:MEIUY), MicroStrategy Incorporated (NASDAQ:MSTR) and One River Asset Management have all used Coinbase to execute large purchase orders, according to the brokerage.
In a letter to shareholders earlier this year, Coinbase reported that it had 9,000 financial institutions on board. The exchange also highlighted that it secured partnerships with industry leaders such as Tesla Inc’s (NASDAQ:TSLA) Elon Musk.
“In the coming months, our teams are eager to introduce powerful solutions such as real-time market analytics and a mobile app that enables portfolio access and consensus on-the-go,” according to Coinbase.
COIN Price Action: Coinbase shares were trading down 5.19% Monday at $232.45.
