“It’s the moment we’ve all been waiting for.” Obviously, for those responsible for the institutional sector at Coinbase, the launch of spot Bitcoin ETFs is a bit like Christmas Day for good children! After months of preparation and weeks of waiting to fill out SEC forms, these financial products were finally launched on the American market and it was clearly a success. As custodian for a large portion of these ETFs, Coinbase has a front-row seat to benefit from them, but also to witness the structural changes currently taking place in the cryptocurrency sector. Two executives of the company agreed to share their feelings with the press the day after this clearly historic day for crypto made in Wall Street.
The arrival of institutional investors changes the situation for these leaders of Coinbase…
For Greg Tusarresponsible for the house’s institutional products and Brett Tejpaulresponsible for Coinbase Institutionalthere will definitely be a before and an after January 10, 2024. If we are to believe these two, the SEC’s decision has opened up the cryptocurrency sector to a very wide audience who will now be able to gain much easier exposure to the market thanks to these ETFs:
“I think the most interesting thing in this story (…) is that from now on cryptocurrency can become widespread. After all these years of Greg and I trying to grow the institutional sector, this is exactly the moment we’ve been waiting for. For us, the next chapter of this asset class begins today. »
Brett Tejpaul, head of Coinbase Institutional -Source: The Block
For our two witnesses of the day, the launch of these AND F marks an important paradigm shift. Cryptocurrency has officially emerged from its niche reserved for experts and crazy traders to establish itself in the cozy offices of the traditional finance.
…and the success of the launch of spot Bitcoin ETFs is the best proof of this
Numerous investment funds, family office or wealth managers will now be eyeing Bitcoin and ETFs. And big names are already there, with their address books of customers:
“What’s great is that if you look at the quality of the names, both on the cryptocurrency side and in traditional finance, all of the asset managers are all saying they have significant demand from their clients. »
Brett Tejpaul, head of Coinbase Institutional -Source: The Block
A virtuous circle is also being established and financial professionals who are not yet involved in these new financial products might want to join the adventure. Which will bring in so many new customers. This is especially true since overall, the launch went well and the results are satisfactory. It must be said that the Coinbase teams worked well according to the managers:
“It should not be underestimated the amount of effort and time that Coinbase and all of its customers spent in the days and weeks leading up to the launch to ensure that everything would go smoothly on both sides. Not just for us but also for everyone who works with us like market makers, service providers, etc..”
Brett Tejpaul, head of Coinbase Institutional -Source: The Block
In the end, they are delighted with what happened, how it went and they think that this is good publicity for cryptocurrency to an audience that, until recently, had , doubts about the strength or viability of the sector. Experts at Coinbase are aware that it will take months, if not years, to attract everyone, but they expect more of these types of products in the future.