Coinbase more than ready for institutional era of crypto, says GlobalData

Following today’s (10 Aug 2021) release of Coinbase’s results;

George Monaghan, Analyst on the Thematic Team at GlobalData, a leading data and analytics company, offers his view:

“The arrival of big institutional investors in the crypto market will steady the ship in terms of market enthusiasm.  While purists may fear the presence of crypto ‘whales’ compromising the decentralization of currencies, the change is good news for exchanges. Not only will the big names trade larger quantities with longer-term strategies, their very participation will legitimize the currencies in which they invest.

“Coinbase is more than ready for this next era of crypto. It is already preferred by enterprises, and is well positioned to secure dominance at the retail level. Further, Coinbase’s main competitor Binance has recently been beleaguered by legal and PR issues, while Coinbase’s own image has surged after CEO Brian Armstrong spoke out against proposed US crypto legislation.”

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