"There is clear demand from institutional clients and financial services professionals for more specific solutions with regard to cryptocurrencies that address their sophisticated needs". Over the course of the year, Coinbase will be introducing new features such as "low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services".
With the launch of the new product suite Coinbase aims to capitalise on the growing number of institutional investors that are tapping in the cryptocurrency market.
This is a brand new online interface to Coinbase's trading platform.
Coinbase is making a major investment in Chicago through a new engineering office that will focus on further developing Coinbase Markets, the premier electronic marketplace for cryptocurrencies. These additions will allow for a more efficient price discovery to occur, creating tighter markets, deeper liquidity, and increased certainty of execution.
The Coinbase Custody product is looking to solve the issue of security.
First announced past year, Coinbase Custody is a crypto storage service directed specifically at large financial institutions, as previously reported by CoinDesk.
Coinbase will launch the following products for investors: Coinbase Custody, Coinbase Markets, the Coinbase Institutional Coverage Group and Coinbase Prime.
Opening the office in this new location is a great move for Coinbase. "We look forward to adding talented engineers who are motivated by our mission to create an open financial system for the world", said he.
Other products in the suite include Coinbase Markets, which provides "a centralised pool of liquidity for all Coinbase products" and Coinbase Prime, a new platform providing a suite of tools and services used by institutional investors for cryptocurrency trading.
The custody question - how to securely hold digital coins in an era of rampant hacking - has bedeviled money managers ever since cryptocurrencies emerged as an asset class. Coinbase began outlining efforts to provide a solution in November. And especially getting as numerous key staff as we need. Coinbase recognizes it'll need to prove the service is reliable if it hopes to win over hedge funds or Wall Street's elite, said Adam White, vice president of Coinbase Institutional, a division setup to oversee the Wall Street business.
"Thank you coinbase for helping large institutional investors invest!" The group will be based out of Coinbase's New York office and touts an employee pool with impressive experience in the New York Stock Exchange, Morgan Stanley, plus regulatory bodies like the SEC and CFTC.