During conversation with Michael Saylor on the show Bitcoin for Business from MicroStrategy, Brett Tejpaul, Head of Coinbase Institutional, stated that the exchange has 10,000 institutional clients investing in Bitcoin (BTC) and Ethereum (ETH).
Having held its IPO in April last year, Coinbase is one of the most solid companies in the industry on American soil. As an example, Tesla and SpaceX, Elon Musk’s companies, are clients of the brokerage.
In addition, as of August 2021, 10 of the largest US hedge funds were already clients. In addition to institutions, even New York Mayor Francis Suarez is using Coinbase services to receive his salary in Bitcoin.
Coinbase has 10,000 institutional investors
Far beyond big numbers, 10,000 institutional investors, Brett Tejpaul also mentioned that big names in the industry use his platform to invest in Bitcoin and Ethereum.
As a main example is Michael Saylor’s own MicroStrategy, which, in addition to hosting the conversation, has more than 125,000 BTC in cash, equivalent to 25 billion reais.
Going further, Tejpaul also stated that fixed income titan Pimco also uses Coinbase as a broker. Along with other giants like Third Point, Tudor Investment, Wisdom Tree, One River and even Grayscale, known for its cryptocurrency funds like Bitcoin and Ethereum.
Coinbase also appears to be Elon Musk’s preferred exchange, as both of the current richest man in the world’s companies use this exchange. A year ago, in February 2021, the billionaire bought $1.5 billion worth of Bitcoin through Tesla. Back in July, Musk announced that SpaceX also has Bitcoin in its cash.
“A sign of growing institutional interest is cryptocurrency transactions worth over 1 million dollars. They increased 4-fold, from 1,300 transactions per day to 5,500 per day.”
The above sentence, spoken by the Head of Institutional Coinbase, shows how Bitcoin is gaining adoption among giants that want to escape inflation, just as Ethereum is gaining traction as the main blockchain for decentralized applications.
In addition to Coinbase’s Brett Tejpaul, MicroStrategy’s lives are also yielding good conversations about Bitcoin and cryptocurrencies.
As an example, Twitter founder Jack Dorsey took the opportunity to claim that Facebook was wrong to have tried to create its own cryptocurrency. In his view, Facebook should have adopted Bitcoin, for obvious reasons.
The second edition of Bitcoin for Companies — Bitcoin for Corporations — also featured representatives from various sectors. As an example, we can list Fidelity, a manager of 4.2 trillion dollars in assets that recently claimed that Bitcoin is the best form of money, as well as giants such as Jefferies, Silvergate Bank, NYDIG, BitPay, Genesis and Paxos.
However, it is worth noting that the video of this live was taken off the air after its privacy was changed to private, unlike the first, still available on MicroStrategy channel.