Coinbase has partnered with Caspian to adopt the startup’s suite of trading and portfolio management tools for institutional investors.
US-based cryptocurrency exchange Coinbase has joined forces with crypto asset management platform Caspian in a bid to address the influx of institutional investors in the crypto market and bolster its offerings.
The partnership will see Caspian integrate with professional trading platform Coinbase Prime to deliver additional trading and portfolio management tools, according to a medium post published on Monday.
According to Kayvon Pirestani, director of institutional sales at Coinbase
We see this partnership as not only a tremendous commercial opportunity, but as a chance to truly move forward the institutional adoption of crypto as a mature, tradable asset class.
The crypto market has seen increased interest from institutional investors in recent months. A survey by Thomson Reuters earlier this year showed that roughly 20% of financial institutions were taking cryptocurrencies into consideration in their plans for the next 12 months. To meet this growing interest, Coinbase launched Coinbase Prime in May along with three other new products, Coinbase Custody, Coinbase Markets, and Coinbase Institutional Coverage Group.
Caspian is a joint venture set up by Tora, a global cloud-based front-to-back technology provider to buy-side institutions, and Kenetic, a blockchain and cryptocurrency investment firm. The company, which describes itself as an “institutional grade full-stack crypto trading and risk management platform,” was launched earlier this month and already connects to 25 crypto exchanges, including Coinbase, Gemini, Bitfinex, Poloniex, Huobi, OKEx, and Binance.
A $19.5 million initial coin offering (ICO) of Caspian’s CSP token is planned for the beginning of October. The startup has already raised $16 million in funding via a token pre-sale. Investors in the round included Kenetic, Galaxy Investment Partners, Octagon Strategy, Techemy Capital, Global Advisors, and Bletchley Park.
Caspian said the alliance with Coinbase was part of a strategy to “connect institutional investors and active traders with multiple trading platforms from a single interface.”
Our goal at Caspian has always been to make it is as frictionless as possible for professional traders and investors to trade and manage portfolios of cryptocurrencies in order to drive exponential growth in this market.
Caspian CEO Robert Dykes stated.