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Coinbase Looks to Cash in as Banks Embrace Crypto

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Coinbase Looks to Cash in as Banks Embrace Crypto

Coinbase is reportedly expanding its services for traditional financial firms amid growing institutional cryptocurrency adoption.

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Banks are increasingly launching their own digital asset services, and Coinbase is serving as their infrastructure provider while also bolstering its prime offerings, Liz Martin, head of Coinbase Institutional, said in an interview with Bloomberg News Thursday (Oct. 8).

“We’ve seen really rapid growth” in prime brokerage, she said. “It’s probably one of the fastest growing areas of our business.”

As Bloomberg notes, other crypto firms have recently been building up their prime brokerages — combining things like custody, trading financing and settlement for banks — as traditional finance has embraced crypto. BNY, DBS Bank and U.S. Bank all provide crypto custody services, while Deutsche Bank recently announced its plans to move into the space.

Martin indicated there is no conflict for Coinbase given its dual role in providing trading and infrastructure services, adding that more participation from traditional finance benefits both.

“They’re both fueled by the same thing, which is institutional adoption of crypto and a desire to put more financial services on chain,” Martin said.

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Coinbase announced Thursday it would custody balances of Circle’s USDC stablecoin in Samsung Wallet via Coinbase Prime, its institutional platform, the report added.


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