The number of digital assets on the giant cryptocurrency exchange Coinbase has soared abruptly to hit over $90 billion, as stated in a newly released year-end report.
The report provided to Coinbase’s institutional clients tries to shed light on the firm’s position in the crypto sphere. The main points mentioned are the state of Bitcoin in 2020, Ethereum, Decentralized Finance (DeFi), new crypto regulation, and “cryptodollars.”
“The most common use case we see for crypto dollars is efficiently moving funds between exchanges,” “Increasingly, we also see private financings, e.g. venture investments in start-ups and new crypto assets, being funded with USDC by more crypto-savvy investors. Finally, we see a growing number of crypto users leveraging cryptodollars to engage with DeFi protocols,” added in the report,
USDC is a dollar-pegged stablecoin launched by Coinbase and payments firm Circle. Market reports and industry inside data show that USDC growth is currently surpassing the market leader. It’s market cap rose to over $5.4 billion.
Coinbase Assisted Institutional Player in their Crypto Quest
Coinbase’s recent report also highlights its relationship with the number of large institutional players, including MicroStrategy and One River Asset Management. As reported earlier, MicroStrategy selected Coinbase as an execution partner at the time of investing almost $425 million in the digital asset. As of now, Microstrategy holds almost 70,784 bitcoins that makes it the fifth-largest individual hodler of Bitcoin.
Crypto analysts believe that the growing interest of institutional users could bring another big price rally of Bitcoin. However, it is currently trading at $32,890, according to data from CoinMarketCap.