The biggest bitcoin and crypto exchange in USA, Coinbase, has 10,000 institutional investors on its platform. That’s according to Brett Tejpaul (pictured right), Head of COINBASE Institutional.
Speaking at MicroStrategy World, an event for corporate investors, Tejpaul revealed MicroStrategy’s Michael Saylor himself is one of the institutional investors on Coinbase.
Grayscale also uses Coinbase, Tudor Investment, Third Point, as well as other hedge funds like Pimco, Wisdom Tree, One Rive.
That’s from entities that have agreed to reveal they use Coinbase. It includes PNC bank, SpaceX and Tesla, as well as other family offices, private banks and pensions.
Another one mentioned is Metu (?), described as a Chinese consumer tech company. The bought bitcoin and eth through Coinbase.
That makes this probably the biggest crypto platform in the world for institutional investors with Tejpaul stating his team has grown from 5 people to 150 people as institutional interest in bitcoin grows.
One sign of growth in institutional interest is crypto transactions of more than $1 million, Tejpaul said. They’ve increased 4x from 1,300 transactions a day, to 5,500 per day.
They could obviously be an individual but Tejpaul said he associates such large transfers with institutional investors.
One other sign of growth is stablecoins, he said, as they keep the value in crypto. They’ve gone from $10 billion in 2018, to $150 billion this 2022.
