American cryptocurrency service Coinbase on Friday disclosed an update on the amount of assets in its wallets. The information was published on the About Us page. According to the updated data, over $ 90 billion is stored on the Coinbase platform. As recently as last week, the company announced $ 25 billion, but it remains unclear when this information was collected.
At the same time, Coinbase released the 2020 Institutional Clients Report, which reaffirmed the accuracy of the information as of December 31, 2020. The company notes that more than half of the declared amount falls on its service for storing cryptocurrencies Coinbase Custody. She also claims to have conducted “standalone deals in excess of $ 1 billion for some of the largest institutions in the world.”
The report provides descriptions of the state of the Bitcoin, Ethereum, DeFi, stablecoin and cryptocurrency regulation market in 2020. Coinbase, along with Circle, is the issuer of the USD Coin (USDC) stablecoin.
“We see the main application of cryptodollars in the efficient movement of funds between exchanges. In addition, we are seeing an increase in private funding, such as venture capital investments in startups and new cryptoassets, carried out with the help of USDC by more advanced investors. Finally, we are seeing an increase in the number of cryptocurrency users using cryptodollars to interact with DeFi protocols, ”the company adds.
Coinbase has released an update ahead of the expected IPO. At the same time, Coinbase notified shareholders of its intention to open a secondary market for its privately-listed shares on the Nasdaq Private Market.
“On Monday, January 25, you will receive an email from Nasdaq Private Market with details including how to access the market, what stocks are available for trading and how the market will function,” the company explained.
This will allow current and former Coinbase employees to sell their shares. The Nasdaq Private Market offers pre-IPO services to companies, including “controlled liquidity programs for pre-IPO companies looking to raise secondary capital for shareholders and investors.”
Coinbase previously reported that it helped conduct one of the largest transactions in the history of the cryptocurrency space of One River, which planned to raise up to $ 1 billion in Bitcoin and Ethereum.
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