• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Coinbase is Pivoting Away From Wall Street Crypto Push

Nick Chong by Nick Chong
2 years ago
in Cryptocurrency news
Reading Time: 3min read
Coinbase is Pivoting Away From Wall Street Crypto Push
Advertisement

Institutional this, institutional that — the narrative that Wall Streeters are going to pick Bitcoin off its feet has become a rallying cry for many of crypto’s most fervent optimists. However, a damning report claims that the unrelenting push for institutional participation from Coinbase has begun to relent, albeit only slightly.

Related Reading: Wall Street Still Throwing Billions At Bitcoin, But There’s Still A Ways To Go

Coinbase Drops Talent Amid Seeming Strategy Shift

In October of 2018, NewsBTC reported that Coinbase, the San Francisco-headquartered crypto innovator, saw its fifth hired employee, Adam White, leave for ICE-backed Bakkt. Although this news was initially seen as a hit to the upstart’s institutional arm, as White was primarily behind Coinbase’s Wall Street push, a talented individual was slated to fill the gap. It was claimed that Jonathan Kellner, the former chief executive at brokerage giant Instinet, was ready to pilot Coinbase Institutional’s proverbial ship.

But, a report from up-and-coming crypto outlet The Block claims that the company will be retracting its offer to Kellner. On Wednesday, the outlet’s Frank Chaparro released an exclusive report regarding Coinbase’s “power struggle” between the “crypto OG” and “Wall Street guard.”

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Chaparro, citing an unnamed company spokesperson, noted that Coinbase will not be seeing Kellner join its C-suite. Kellner did not respond to The Block’s request for comment, but Dan Romero, a long-time Coinbase top brass member did comment on the matter. Romero, who took Kellner’s proposed role, noted that while Jonathan is an “exceptional leader,” Coinbase thought it right to refocus its efforts on its retail business and hedge fund services, rather than broader institutional-focused products.

Hinting that this sudden change was a result of thematic developments in the crypto industry, Romero noted that this sector is “incredibly fast-moving,” adding that market conditions can essentially change on a dime. The de-facto Coinbase Institutional head later explained that his organization’s “focus on mainstream financial brands has cooled off slightly,” failing to mention specific figures.

While Romero seemed unfazed, CoinRoutes CEO David Weisberger explained that Kellner’s departure is a “big loss” for the startup. He noted that although Coinbase’s strategy shift is logical, Kellner, with his extensive experience in the financial realm, would have provided much for the company and a number of its key facets. Weisberger added that if the company doesn’t get back on track with its Wall Street push soon, platforms, like Bakkt and ErisX, will make a move on Coinbase’s mostly unquestioned hegemony.

Wasn’t 2019 The Year For Crypto On Wall Street?

Interestingly, this news comes just weeks after Asiff Hirji, president at Coinbase, claimed that 2019 will be a great year for his firm’s foray onto Wall Street.

Per previous reports, Hirji noted that household financial institutions are still clamoring for “valid venues” to transact on, coupled with qualified, regulated custodians. Coinbase, in the eyes of its own president, fits that role perfectly, as Hirji explained that its custody arm and prime brokerage solution are the best in the business.

The former TD Ameritrade executive added that his company’s market data underpins a number of leading derivatives products, only cementing the startup’s status as a qualified participant. With this in mind, Hirji claimed that 2019 will “continue to be a good year for institutions heading into crypto.”

Although it came as no surprise that Hirji would toot his own horn, so to speak, there are other indicators that 2019 was meant to be the optimal year for Wall Street forays.

Jeff Berwick, the so-called Dollar Vigilante, recently told BlockTV that he expects for 2019 to beckon in the arrival of institutionally-sourced money, which will “change the game completely.” He told the blockchain-friendly content platform that as institutional capital becomes a common sight in coming months, cryptocurrency prices en bloc will “explode,” as there are presumed trillions waiting on the sidelines.

Bakkt, a crypto platform backed by bigwig corporations, recently sat $182.5 million fly its way. Nasdaq, one of the world’s largest financial exchanges, recently announced plans to offer Bitcoin futures in collaboration with VanEck. And rumor has it that Fidelity’s digital asset arm is still on track for a release in coming months.

So maybe Coinbase is just overreacting to false flags. That’s what optimists are hoping anyway.

Featured Image from Shutterstock
Tags: bitcoincoinbasecryptowall street
TweetShare33
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

paradox

How Paradox Group Is Helping DeFi

4 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Bearish Correction Pauses: Focus Remains on Dollar and Yields

7 hours ago
Cardano, ADABTC, ADAUSD, ADA, cryptocurrency

Cardano (ADA) Death Cross Spells Worries Despite Bullish “Mary” Fork

9 hours ago
oddz

Leading on-Chain Option Trading Protocol Oddz Finance Announces Its Public Distribution IDO on Polkastarter

9 hours ago
Metis, DAO

Decentralized Companies Are the New Norm and It’s the DAO Revolution That’s Making It Possible

11 hours ago
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin Affect? Billionaire Fund Manager Sells 1.8M Tesla Shares for Clients

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

EcoCelium is Now Live – Ready to Mark the Next Step in DeFi

March 5, 2021

MXC Exchange Commits to Integrating USDC-SPL on Solana

March 5, 2021

Gambling Exhibition Ukrainian Gaming Week 2021: A Range of Products From Exhibiting Companies, an up-to-Date Program and a Special Offer

March 5, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.