Coinbase plans to open new office in Chicago

Coinbase has developed plans to launch an office in Chicago and has recently turned more aggressive in expanding its business and operations. The company is on a spree of acquisitions as well as hiring top talents from the financial and institutional space. They are also hoping to attract more institutional clients at present.

Coinbase is a digital currency exchange wallet headquartered in San Francisco, Californa. It is a platform where merchants and consumers can transact with various digital currencies like Bitcoin, Litecoin, Etherum.

In order to widen its institutional client base, Coinbase is planning to provide block trading facilities in a bid on Global Digital Asset Exchange [GDAX]. GDAX is the professional trading platform of Coinbase. Block trading is a feature that will allow traders to place large trading orders outside of the exchange’s usual order. Institutional investors and traders usually face a difficult time for getting their orders executed on a normal cryptocurrency exchange. The bulk orders generally cause major price swings in the market and thus often remain to be traded less.

Coinbase plans to offer the service of block trading through its GDAX, which is one of the top ten cryptocurrency exchanges of the globe with daily trading volumes somewhere near $315 million. Coinbase is also launching another service called Coinbase Custodian which will be a cryptocurrency storage facility for its institutional clients. The exchange is similar to a traditional banking system, but it will only be offered to clients willing to store a minimum of 10 million dollars worth of cryptocurrencies.

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *