Coinbase floats Coinbase Prime to target hedge funds

Coinbase floats Coinbase Prime to target hedge funds

Coinbase, one of the largest cryptocurrency exchange in the world has launched Coinbase Prime, a service aimed at big money bags in the community.

The exchange said in a statement that Coinbase Prime, platform is designed specifically to provide a suite of tools and services that institutional investors rely on when trading cryptocurrency.

“This product will fill a missing piece of critical infrastructure needed for institutions. Over the course of the year we intend to offer lending and margin financing products to qualified clients, high touch and low touch execution services like over-the-counter (OTC) trading and algorithmic orders, and new market data and research products. We will also introduce platform improvements like multi-user permissions and whitelisted withdrawal addresses.

Coinbase also announced the launch of Coinbase Markets, by opening a new engineering office in Chicago and cementing Coinbase as the leading cryptocurrency exchange.

The company said Coinbase Markets will offer a centralized pool of liquidity for all Coinbase products. Over the course of the year Coinbase Markets will introduce new features like low latency performance, on-premise datacenter colocation services, institutional connectivity and access, and settlement and clearing services. These additions will allow for a more efficient price discovery process to occur, creating tighter markets, deeper liquidity, and increased certainty of execution.

“We are thrilled to open an office in Chicago and have access to a large talent pool of engineers with deep exchange infrastructure experience. This office will serve as the home for our Coinbase Markets team and enable us to continue offering the most performant and reliable cryptocurrency exchange. Chicago is an ideal location for our newest Coinbase office and we hope our investment will continue to position the city as a growing hub for technological innovation,” the statement said.