$20 Billion in Crypto Under Custody: Coinbase Sees ‘Explosion of Capital’ From Institutional …

Coinbase’s Head of Institutional Coverage, Brett Tejpaul, talked about institutional demand for bitcoin in an interview with Heidrick & Struggles …
$20 Billion in Crypto Under Custody: Coinbase Sees 'Explosion of Capital' From Institutional Investors

Coinbase has revealed that it has had “an explosion of incoming capital.” Its assets under custody currently stand at $20 billion, $14 billion of which were accumulated since April. Coinbase highlights a string of bullish events that have “really unleashed” a wave of institutional adoption.

Coinbase Has $20 Billion in Custody

Coinbase’s Head of Institutional Coverage, Brett Tejpaul, talked about institutional demand for bitcoin in an interview with Heidrick & Struggles International, published on Friday.

Tejpaul has 25 years of experience in sales and trading, with almost 17 years at Barclays, and nine years at JPMorgan. He explained that he joined Coinbase six months ago, and is now “responsible for growing the institutional adoption of cryptocurrency, across sales, trading, custody, and Prime.” Prime is Coinbase’s services for institutional clients, including asset managers, hedge funds, and VCs.

“It’s a phenomenal time for crypto … Sometimes timing is everything,” Tejpaul opined. “We have had an explosion of activity,” he added, elaborating:

I joined in April this year, at that time our assets, institutional assets under custody were $6 billion, today we stand at over $20 billion, so more than a three time increase.

“Earlier in the summer, we acquired an execution platform called Tagomi and it brought with us overnight, it radically transformed our ability to cater to institutional clients that want to use smart order routing and algorithmic execution, so the stat there is that our trading volumes are 20 times what they were in the beginning of the year,” Tejpaul continued.

“We are now measuring the fresh capital coming into crypto, principally being allocated to bitcoin in the billions,” he described, noting:

Week after week after week, we’ve had an explosion of incoming capital.

Tejpaul said that Coinbase has “upgraded” its banking and auditing partners: JPMorgan and Deloitte. “Both of those firms went through one to two year period of due diligence to satisfy themselves that we have the right KYC, AML, and the fact that we sort of posture ourselves and act like a bank and we have opted into being regulated, and so we are a safe onramp.”

He then highlighted recent bullish events in the crypto space, beginning with famed hedge fund manager Paul Tudor Jones, who said in May that he put about 2% of his portfolio into bitcoin. In October, Jones said that he saw much upside to bitcoin.

Jones’ decision “was important because it served as a calling card to other traditional macro firms, which are thinking about bitcoin as a store of value, bitcoin as a potential tail risk hedge to the portfolio,” Tejpaul detailed, adding:

We have seen an unbelievable wave of institutions follow Paul’s lead.

He also mentioned the Nasdaq-listed Microstrategy that invested $425 million in bitcoin and made the cryptocurrency its primary Treasury reserve asset. CEO Michael Saylor has become a bitcoin bull, personally investing $240 million in BTC.

Other famed hedge fund managers who have made bullish statements about bitcoin include Bill Miller, who said every major bank will eventually have exposure to bitcoin, and Stan Druckenmiller, who called bitcoin an attractive store of value that could beat gold.

Tejpaul further shared what a typical day for him is like on the podcast. “By 9:30 in the morning, I had five separate institutional clients called to invest over $100 million each.” He explained that people sitting on the sideline “are now looking at major banks, major accounting firms, major hedge funds, major endowments, and now Paypal getting into this space,” concluding:

It’s really unleashed a second wave of institutional adoption.

What do you think about institutional investors flooding to crypto? Let us know in the comments section below.

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Major Exchanges Are Hiring: Here’s What the Data Is Saying

This data suggests that Coinbase is looking to further cement its position as a leading exchange in the region by focusing on developing a more robust …
Major Exchanges Are Hiring: Here’s What the Data Is Saying 101
Source: Adobe/jozefmicic

Bitcoin (BTC), is back in a full-blown bull market, ethereum (ETH) and altcoins are rallying too, prompting a hiring spree at leading digital asset exchanges.

To gain further insight into what direction the crypto industry is heading, we will delve into some of the publicly available current job listings at leading crypto exchanges in the US, Asia and Europe.

In the US

At the time of writing, Coinbase has a large number of job offerings listed on the career’s section of its website, amounting to over a hundred open positions.

The Engineering Department seems to be on an expansion trajectory with a whopping seventy open positions. The Backend and Frontend subdivision are looking for 25 and 17 new staff members respectively. This data suggests that Coinbase is looking to further cement its position as a leading exchange in the region by focusing on developing a more robust platform after it faced multiple technical problems this year.

Additionally, some of the open positions relate to Web 3.0, or a more decentralized web, and DeFi (decentralized finance), suggesting that Coinbase may be looking to play a bigger role in the dapp (decentralized app) and booming DeFi market.

Other notable departments include Legal and Compliance with 14 open positions, Customer Experience with 14, and finally, Security and Privacy with 15 open listings. Under the Legal and Compliance section, they are seeking individuals with knowledge about Germany, the UK, Japan and the US. We can deduce that the company is looking to streamline its regulatory approach in the US, the UK and Germany, where it is already accepting customers. Furthermore, the Tokyo and Singapore positions suggest Coinbase is looking to extend operations in these countries.

Kraken, which recently received a bank charter, is also on a hiring spree. While there are over ten departments with open listings, a few departments take up the bulk of the offered positions.

The department Client Services has the highest number of listings. Additionally, a significant number of the open positions are related to specialists in specific countries. This suggests a push to make the Kraken product offering as localized as possible, especially in non-English speaking countries.

The departments of Product and Engineering also have a high number of listings, many related to the user experience and app development.

Gemini has the fewest open positions amongst the leading US-based exchanges with 38 listings. Three departments have the largest number of openings namely: Design Technology, Security, and Software Engineering. The majority of these listings are related to further enhancing existing products and services under the Gemini platform, suggesting that Gemini is focused on perfecting its offering.

In Asia

OKEx has six open positions, one can find via its website, many related to its Hong Kong and Beijing offices. Most notably, the company is looking for user experience personnel and a regulatory compliance professional. This suggests that the exchange is looking to ensure it meets the strict legal requirements of operating in that region. As reported, the company aims to double the number of their employees in two years. At the end of 2019, OKEx reportedly had around 1,000 employees.

Another leading crypto exchange in the Asian region, Huobi shows no open positions on its website, but one can find 18 positions on its Linkedin page. The most senior position is general manager, while there are multiple positions for analysts and specialists who could help the company deal with risk control and legal issues. Also, it looks like the company is seeking to increase their hiring efforts as two positions are related to human resources. Another two positions are open for support specialists. Also, there are three positions for people in finance.

Binance has a whopping 207 open positions in over a dozen departments. The major crypto exchange has 34 open positions in the Customer Support department, many of which are country specific. Additionally, quite a few of the listings in this wing are related to specific languages. These openings suggest that Binance is making a push on meeting the needs of its customers in their native languages, especially in Asia.

Another notable department for Binance is the Engineering department, with 21 open positions. Many of these positions are based out of various Asian locations and a few in Europe. We can extrapolate that Binance is looking to solidify its dominance in the Asian market while further enhancing its reach in countries like Russia and the Netherlands.

Finally, Product Design and Operations each have 15 open positions. These divisions are looking for qualified individuals in specific regions, again suggesting that Binance is looking to increase and solidify its presence in a number of regions globally.

In Europe

Leading European digital asset exchange Bitstamp has eight open positions. The majority of them are based out of Luxemburg, with the other three are for Slovenia, the UK, and Singapore.

The position offered in Luxembourg are all related to regulatory compliance, suggesting that Bitstamp wants to ensure its operations are well within the realms of any existing legal directives. Moreover, this may suggest that the exchange is preparing for regulatory changes and wants to be prepared in the event they do materialize.

Vienna-based Bitpanda has over 55 open positions. Most of the listings are based out of Vienna suggesting a reluctance to venture into regions outside the EU, which the company already supports.

Marketing and Engineering seem to be Bitpanda’s core focuses in this current time period. The highest number of open positions come from the Engineering division, suggesting the company is seeking to solidify the quality of its platform. Additionally, Bitpanda seems to be focused on acquiring more users within its market share as is evidenced by its marketing positions.

An overall look

Given the extrapolations we can make from the talent needs of some of the largest digital asset exchanges in the world, we can see that many are focused on solidifying their existing market positions while others are looking to expand aggressively into new regions.

What almost all exchanges have in common, though, is the desire to remain on the right side of the regulators, as evidenced by the number of open positions in legal and compliance departments.


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Maybe Blockchain Engineering Is Not a Golden Ticket after All

Over $20 billion pumped into crypto market by big investors

The head of institutional coverage at Coinbase, Brett Tejpaul, in his latest interview with Heidrick & Struggles via Youtube Channel disclosed that …

Institutional investors are largely responsible for the massive bullish trend presently playing out in the crypto market.

The head of institutional coverage at Coinbase, Brett Tejpaul, in his latest interview with Heidrick & Struggles via Youtube Channel disclosed that buying interest from institutional investors has grown more than since he began his career at the worlds most valuable crypto exchange, Coinbase.

“We’ve had an explosion of activity… I joined in April of this year. At that time, our institutional assets under custody were $6 billion. Today, we stand at over $20 billion. So more than a three-time increase…”

We’re now measuring the fresh capital coming into crypto principally being allocated to Bitcoin in the billions and so week after week after week we’ve had an explosion of incoming capital,” Tejpaul said.

He also explained the role of major hedge funds, banks, and now Paypal is having,

GTBank 728 x 90GTBank 728 x 90

“For people sitting on the sideline that are now looking at the major banks, the major accounting firms, major hedge funds, major endowments, and now PayPal is getting into space. It’s really unleashed the second wave of institutional adoption,” he said.

Sequel to this landmark, recall Nairametrics some days ago, revealed as Bitcoin hit slightly below $18,000, a significant number of millionaires have disclosed they will invest in cryptos before the end of 2022.

DeVere Group, one of the world’s most notable independent financial advisory firms, discovered that 73% of poll participants are now already invested or are preparing to invest in digital assets, such as Ethereum, Bitcoin, and XRP, before the end of 2022.

Coronation adsCoronation ads

Also not forgetting that the world’s attention seems to have shifted to the crypto-verse now, as recent reports have shown how Bitcoin whales grew at a record pace.

Data retrieved from Glassnode, a popular crypto analytic company, reported that the number of Bitcoin whales (entities holding ≥ 1K BTC) has been on an upward trend for the past months.

The number of #Bitcoin whales (entities holding ≥ 1K BTC) has been on an upwards trend for the past months.

An indication that more high-net-worth individuals are entering the space to invest in Bitcoin in expectation of $BTC price appreciation.

Chart: https://t.co/wR2aZoj06ypic.twitter.com/yxtcNqrqrq

— glassnode (@glassnode) October 9, 2020

Bottom line: Nairametrics believes the increased buying pressures by such notable institutional brands is partly responsible for the non-dilutable crypto recent highs.

Coinbase Has Raked in $14B in New Institutional Assets Since April

Tejpaul came to Coinbase after 25 years in sales and trading in the traditional financial markets with stints at Barclays and J.P. Morgan. “It radically …

Brett Tejpaul told interviewer Eliisabetta Bartolini, partner at Heidrick & Struggles, that institutional assets under custody were $6 billion when he joined the firm in April and have grown to $20 billion today. Tejpaul came to Coinbase after 25 years in sales and trading in the traditional financial markets with stints at Barclays and J.P. Morgan.

Low Cost Satellite Market 2020 Industry Key Players, Trends, Sales, Supply, Demand, Analysis …

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