American crypto trader based in San Francisco, Coinbase, has made some pretty impressive progress in terms of fulfilling its vision and plan for the year 2018. The company had as part of its plans for the year a doubling of its staff and has apparently met that target just at the end of the third quarter of the year.
Founded in 2012, most of its plans and undertakings have been geared towards gaining a spot in and recognition on the famed Wall Street. Coinbase deals in trading of cryptocurrencies for fiat and vice versa. They currently have listed on the platform for exchanging, Bitcoin (BTC), and altcoins like Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC). They also deal in asset management, and custody brokerage. They presently have offices in Dublin, Chicago, Portland, and Tokyo.
As at February of 2018 the working force of the company stood at 250 personnel. In an interview back then, executives of the firm announced their plans to double that force in order to provide needed services to more people who join the crypto train and decide to trade on their platform. As of the very time of publication, the company now boasts a working force of 500 people.
CoinMarketCap presently rates Coinbase as the fifteenth largest exchange, with its (Coinbase) Pro section overseeing about an average of $138 million within every 24-hour span. However, Coinbase sees itself beyond this point. In a tweet posted not long ago the firm shared its view of the future of the cryptocurrency market and where its sees itself in that future.
“We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies.” — @brian_armstrong at #TCDisrupt today.https://t.co/0TOvy2cVeC pic.twitter.com/5TalzPnxwd
— Coinbase (@coinbase) September 8, 2018
Coinbase is thriving contrary to the down projection of cryptos since mid-January this year after the bullish market of December.
Coinbase Considering ETF And Heading Further Towards Institutional Services
As mentioned earlier, some of the services Coinbase provides (namely custody brokerage and asset management) are all geared towards attracting more institutional investors unto its platform.
Reports have surfaced recently about the company considering a Bitcoin ETF (exchange traded fund). But before this can see the light of day they are going to have to convince the SEC, which evidently hasn’t been an easy task (judging by their tussle with Ripple). Not just that, but then the Winklevoss Twins and SolidX still have their requests for a Bitcoin ETF pending and some rejected already for reasons it believes are in the market’s best interest.
The Bitcoin Exchange Traded Fund (ETF) is likely going to track not just Bitcoin but several other altcoins like Ethereum, Ethereum Classic and Litecoin. There is also a higher likelihood that this will may be done with Coinbase’s index should a request to the SEC be granted. Coinbase however is looking to BlackRock for help in making this ETF a possibility.
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