Coinbase Boasts Having $90B In Crypto Assets On Its Platform

Coinbase boasts having $90 billion in crypto assets on its platform and apparently, the BTC boom was the main catalyst behind it. In a new report, Coinbase boasts about these results so let’s read more in today’s Coinbase news.

The company claims to have about $90 billion on its exchange across a range of crypto assets and the exchange also detailed the relationship with Microstrategy which is the popular tech company that helped purchase huge amounts of BTC. In the newly released report, Coinbase said that it now has over $90 billion in crypto on its platform. The report is geared to Coinbase’s institutional clients was released a few days ago and tries to clarify the company’s place on the broader crypto ecosystem.

In another turbulent week, Bitcoin's price briefly broke the $40,000 mark again, social media and press mentions spiked, and fund managers weighed in on future volatility. All that and more in the latest edition of our weekly report.https://t.co/roEYMLl7te

— Coinbase (@coinbase) January 20, 2021

The topics include the state of BTC in 2020 as well as DeFi, Ethereum, and crypto regulation as well as stablecoins which are cryptocurrencies that try to eliminate volatility with backing from fiat money. Coinbase with Circle launched the stablecoin USDC back in 2018 with the goal being $1.00 and having one real dollar for every USDC issued. The stablecoin is a distant relative to Tether in terms of market capitalization and trading volume while the growth of USDC is now outpacing the market leader:

 “The most common-use case we see for crypto dollars is efficiently moving funds between exchanges. We also see private financings, e.g. venture investments in start-ups and new crypto assets, being funded with USDC by more crypto-savvy investors. Finally, we see a growing number of crypto users leveraging cryptodollars to engage with DeFi protocols.”

USDC’s market cap started 2020 below $500 million and increased to over $5.4 billion since then. The report detailed the relationship Coinbase has with other large institutional clients like Microstrategy and One River Asset Management. Michael Saylor’s Microstrategy purchased 70,784 BTC in deals brokered by Coinbase which are over $2.3 billion. The company’s massive investment could have played a huge role in the BTC bull market this past fall since the company’s first purchase in August while other companies like PayPal and Square announced support for crypto in their payment services.

Bitcoin is on an uptrend and according to the data from the past market cycles, things are only warming up. This doesn’t mean however that the higher timeframe trend can’t be up while the short timeframe intraday trends head down or that the price action days and weeks will temporarily turn bearish.