Bitcoin (BTC) adoption by establishments has gone from a story to truth in the past year, the chief executive officer of major cryptocurrency exchange Coinbase has said.

‘We know the answer’ regarding adoption: Armstrong

Speaking on Twitter August. 16, Brian Armstrong stated that 2019 had formed the year of reckoning for institutional Bitcoin uptake, with the trend now obvious. He wrote:

“Whether establishments were planning to adopt crypto or not was associate open question about twelve months ago. i feel it's safe to mention we currently know the solution. We're seeing $200-400M every week in new crypto deposits come in from institutional customers.”

Coinbase becomes world’s largest crypto custodian

Armstrong made the comments hours once Coinbase confirmed its acquisition of the international operations of storage giant Xapo.

The move, as Top Market Group reported, place Coinbase top of the institutional manager list for crypto with $7 billion of assets beneath custody.

Despite Bitcoin’s 2019 Battle of Bull Run fizzling in recent weeks, Armstrong remained extremely buoyant concerning the future, as multiple new institutional investment products hit the market.

These principally include Bitcoin futures offerings, which can come back from players like Bakkt and fellow exchange Binance. a choice on whether to permit a Bitcoin exchange-traded fund is in the meantime due from us in Oct.

“In addition to custody, we’re excited to explore new ways in which to monetize and leverage crypto assets like staking, borrowing against crypto portfolios and lending crypto to trusted counterparties,” Coinbase hinted regarding its future plans in a blog post about the Xapo deal.

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