Coinbase Pro, the largest cryptocurrencies exchange in the United States, announced on the 20th the official launch of “Coinbase Prime,” a comprehensive platform for institutional investors.
The Prime platform is an institutional-focused platform with rich features such as advanced trading, battle-tested custody, and data analytics.
The company launched a beta version of Coinbase Prime in May, but this official launch offers a specific new solution designed for institutional investors. It has features customized to the needs of institutional investors, such as the best available price, more custody-enabled stocks, enhanced post-trade reporting capabilities, and more.
In a blog post issued Monday, the company wrote:
“Clients have used our comprehensive platform to execute some of the largest trades in the industry because of our stalwart reputation as a publicly traded company, our experience with trading and custodying crypto assets at scale, and because we offer the tools and services institutions need to trade at scale.
Furthermore, Coinbase Prime is unique in providing institutional clients access to a wide breadth of assets for trading and custody.”
In other news, Coinbase has abandoned its plans to offer a ‘Lend’ program that allowed stablecoin holders to earn interest on their holdings by lending their stablecoins. The company said it failed to get regulatory clarity from the US SEC and will not launch the program.
The blog post added:
“We have also discontinued the waitlist for this program as we turn our work to what comes next. We had hundreds of thousands of customers from across the country sign up and we want to thank you all for your interest. We will not stop looking for ways to bring innovative, trusted programs and products to our customers.”
Previously, Coinbase issued a statement on September 7 revealing the SEC’s plans to sue Coinbase if it releases its ‘Lend’ program to the public.
Coinbase also pointed out that the lack of clarity in procedures and examinations of the actions taken by the SEC could have a significant impact on the industry in the future.
Coinbase, however, continues to be one of the largest crypto exchanges in the world with an average daily volume hovering at $6.3 billion.