The topmost cryptocurrency exchange in the United States just placed its core standards for its institutional financial products. Coinbase, 3 months following unveiling its institutional products suite in May, the company has released a string of “fundamental beliefs” regarding how the startup will function and expand its institutional investor-centered business lines.
As per Adam White’s blog post, the general manager and vice president of Coinbase, the leading cryptocurrency exchange has introduced 5 core principles. These comprise the implementing transparent market rules, the process of “orderly and fair” markets, revealing listing practices and rules of the market publicly, providing “fair access to every market participants,” and protecting customers “with institutional-grade processes and infrastructure.”
As White elucidated, “This fundamental beliefs’ set will function as our North Star as we develop, design, and run our products. Eventually, we aim for these core principles to take us toward our objective of running the most trusted place for trading, interacting, and storing within the cryptocurrency world.”
Coinbase, as reported by CoinDesk on May 15, released Coinbase Custody, a solution particularly developed for institutional investors who are looking forward in the adoption of cryptocurrency. Coinbase began approving deposits early last month for the service.
Moreover, a new patent has been filed by Coinbase that depicts technology meant to enhance the safekeeping of cryptocurrency wallets as well as authorize the direct, secure payment to merchants of cryptocurrencies. The patent filing of the cryptocurrency exchange has been tendered to the US Patent and Trademark Office.
The patent application of Coinbase, number 10,050,779, states that “it might be a security worry for users that their Bitcoin addresses’ private keys may be pilfered from their wallets and prevailing systems don’t offer a solution for preserving security over private keys even if still letting the users explore a merchant page and make reimbursements using their wallets.”