Coinbase, the largest U.S. bitcoin and cryptocurrency exchange, has 10,000 institutional investors on its platform. According to Brett Tejpaul (pictured right), head of institutions at Coinbase
Speaking at MicroStrategy World, an event for corporate investors, Tejpaul revealed that MicroStrategy's Michael Saylor himself is one of Coinbase's institutional investors.
Grayscale also uses Coinbase, Tudor Investment, Third Point, and other hedge funds such as Pimco, Wisdom Tree, and One Rive.
This is from the entities that have agreed to disclose their use of Coinbase. It includes PNC Bank, SpaceX and Tesla, as well as other family offices, private banks and pensions.
Another mention is Meitu (?) that is described as a Chinese consumer technology company. Bitcoin and eth purchased through Coinbase.
That makes this probably the world's largest cryptocurrency platform for institutional investors, and Tejpaul says his team has grown from 5 to 150 people as institutional interest in bitcoin has increased.
Tejpaul said one sign of growing institutional interest is the more than $1 million in cryptocurrency transactions. They have increased from 1,300 transactions per day to 5,500 per day, a fourfold increase.
They could clearly be individuals, but Tejpaul says he links transfers of such large amounts to institutional investors.
Another sign of growth is stablecoins, he said, as they maintain the value of cryptocurrencies. They have increased from $10 billion in 2018 to $150 billion in 2022.