Coinbase Has Raked in $14B in New Institutional Assets Since April

Coinbase is now measuring new capital coming in for bitcoin in the billions, according to the firm's head of institutional coverage.

AccessTimeIconNov 21, 2020 at 4:23 p.m. UTC
Updated Sep 14, 2021 at 10:33 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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. 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.