Coinbase Executives Comment on Bitcoin Spot ETF and Cryptocurrency Industry

Executives at Coinbase Institutional believe the recently launched spot Bitcoin ETFs in the US could bring cryptocurrencies into the mainstream. Coinbase Corporate Head Brett Tejpaul and Coinbase Head of Corporate Product Greg Tusar shared their views in a recent interview with The Block.

Tejpaul stated that this is a very important moment for the crypto industry and said:

“This is the first time crypto has gone mainstream. This is the moment that Greg and I have been waiting for all those years of trying to build an institutional business here. So for us, this is the next chapter of the asset class.”

He also highlighted the diversity of companies included in the ETFs, ranging from crypto-first names to more traditional ones:

“The great thing about this is that if you look at the quality of the names, both on the crypto side and down to the more traditional names, we have a mix of asset managers who all say they have pretty significant client demand.”

The approval of ETFs has sparked new interest and debate in the industry, with many asking: “Are other companies considering injecting more capital?” asked.

Tusar said Coinbase was initially prepared for an in-kind operational procedure model, but was forced to revert to a cash generation and redemption model as required by the SEC. Despite this last-minute change, “operationally, everything went off without a hitch on the first day,” Tusar said.

*This is not investment advice.