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Editorial Team

 

Coinbase has recently opened an office in New York City to attract and cater for the needs of institutional investors.

Coinbase has 6 different office locations and almost 700 employees.

The New York office manages the recently launched Coinbase index fund which gives institutional investors the ability to invest in Bitcoin, Ethereum, Ethereum Classic, Litecoin and Bitcoin Cash. The minimum amount customers can invest currently stands at $250,000.

The new employers of the new office have recruited directly from traditional financial organizations such as the New York Stock Exchange.

According to Coindesk, Coinbase is planning to recruit a further 150 financial professional to work at the New York branch, suggesting institutional interest in cryptocurrency investing is growing.

“When we saw the market begin to correct, which we all expected, institutions didn’t lose interest,” Adam White, general manager of Coinbase Institutional, told CoinDesk. “It was exactly the opposite.”

The recent loop in crypto market may appear as an opportunity to some investors’ eyes.

Should the Bitcoin price for example return to its current all-time high of $19,535, those buying in now would see around 400% returns on their investment. Coinbase index fund will be like the Dow Jones of the crypto world if those kinds of potential returns confirmed.

Targeting to institutional investors, they recently invested heavily in improving their customer service operations and also released a list of 40 potential cryptocurrencies they are supporting. They are also planning to take on the Asian market, recently launching in Japan, with further expansion planned for the near future.

Source: bitguru.co.uk

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