Coinbase has seen a $14 billion increase in institutional assets under custody since April, its head of institutional coverage at Coinbase said in a YouTube interview published on Friday.
Brett Tejpaul told interviewer Eliisabetta Bartolini, partner at Heidrick & Struggles, that institutional assets under custody were $6 billion when he joined the firm in April and have grown to $20 billion today. Tejpaul came to Coinbase after 25 years in sales and trading in the traditional financial markets with stints at Barclays and JPMorgan.
Tejpaul credited this growth in part to Coinbase’s acquisition of Tagomi in May.
“It radically transformed our ability to cater to institutional clients that want to use smart order routing and algorithmic execution,” he said. “Our trading volumes are 20 times what they were in the beginning of the year.”
The firm is now measuring new capital coming in for bitcoin in the billions, Tejpaul said. The veteran banker also said that adding JPMorgan Chase as its banking partner and Deloitte as its auditor has given Coinbase more compliance credibility.