Coinbase: 'Strong argument that lot of developer interest moved away from Bitcoin'

17 Jul, 2018
by Jelmer van der Dussen
News
Coinbase: 'Strong argument that lot of developer interest moved away from Bitcoin'

More and more institutions are eyeing the cryptocurrency space and now Coinbase is offering them a safe way to do so, Adam White, Institutional General Manager of Coinbase, thinks institutions will finally make their way into crypto.

Earlier today Coinbase announced that they acquired a broker dealer, an ETS and an IRA from the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FIRA). This means that Coinbase, 20 million users strong, now has the licenses that allow them to operate as a regulated compliant exchange and regulated compliant custodian and asset manager. 'Those are all things that are very important for institutions', White is saying in an interview with CNBC's Fast Money.

'What is so unique about cryptocurrencies, is that in many ways this asset class was driven by retail investment, not institutions. What we saw throughout 2017 was that institutional converstation became more and more profound. But what we are seeing with institutions: they want absolutely the right regulatory structure.'

The news on obtaining the licenses is following the announcement of Coinbase it is looking into listing Stellar, Basic Attention Token, Zcash, Cardano and 0X. According to White, 'the idea behind adding new assets is quite simple: the customers want it.'

In the studio, White was asked about the market share of Bitcoin in the cryptocurrency space. The Institutional General Manager of Coinbase sees a shift to other projects, but not only in price. 'We tend to focus much more on developer interest: how much Github repositories, how many novel applications or use cased are being developed. There is certainly a strong argument that a lot of that developer interest has moved to other platforms like Ethereum and maybe some of the platforms that we announced are starting to explore as well.'

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