Coinbase hires former Wall Street executives to tap institutional investors and gets first $20 billion hedge fund

A cryptocurrency exchange Coinbase has hired a team of former Wall Street executives to work together in attracting institutional investors to the cryptocurrency market. Coinbase has already onboarded a $20 billion hedge fund on its prime broker service.

Through the launch of its Coinbase Prime broker, the company aims to convince institutional investors, venture capitalists, and hedge fund managers to invest in cryptocurrencies in order to establish digital currencies as a legitimate asset class.

Coinbase recruited former New York Stock Exchange executive Christine Sandler to co-head its institutional sales as well as former Barclays trader Hunter Merghart as a sales trader.

The cryptocurrency exchange described Coinbase Prime as a “professional trading platform for institutional clients.” A prime broker would provide dedicated services to institutional investors by removing the limitations in cryptocurrency trading.

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