COINBASE CEO: Institutions deposit $ 200-400 million in cryptocurrencies per week

The CEO of the major currency exchange Coinbase said that the adoption of Bitcoin (BTC) by institutions moved from a myth to reality last year. 

"We know the answer" about adoption: Armstrong

Speaking on Twitter on August 16, Bryan Armstrong said that 2019 was a year to reckon with Bitcoin's institutional uptake, with the trend now clear. He wrote:

 "Whether institutions will adopt cryptocurrencies or not, it was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $ 200 to $ 400 million a week in new cryptocurrency deposits coming from institutional clients."

Coinbase becomes the world's largest currency conservation service

Armstrong's remarks came hours after Queen Biz confirmed its takeover of international storage giant Zapo.

 The move, Quentelegraph said, put Queen Biz at the top of the list of corporate cryptocurrencies manager with $ 7 billion of assets under guard.

 Although Bitcoin has stumbled in 2019 in recent weeks, Mr Mistrong has remained very preoccupied with the future, with many new institutional investment products hitting the market.

 These mainly include Bitcoin futures contracts, which will come from players such as Pakt and Baines Associates. In the meantime, a decision is made on allowing a Bitcoin exchange traded fund from the US in October.

 Queen Biz hinted at his future plans in a blog post about the Zabo deal, saying that “in addition to the custody service, we are excited to explore new ways to invest and influence crypto assets such as lending, borrowing against crypto portfolios and lending them to trusted counterparts.”

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