Coinbase prime brokerage reportedly onboards $20B hedge fund

Coinbase has launched a new prime brokerage service for hedge funds & has reportedly attracted an unnamed $20 billion hedge fund: "The firm has onboarded a $20 billion hedge fund through its prime business, the people said, declining to specify which fund. The team is working on getting other large hedge funds onto its trading platform."



Prime brokerage allows hedge funds to borrow from Coinbase after putting down collateral, then they can trade on a number of crypto exchanges without putting down a balance or having to deal with private keys. In the future, Coinbase may also provide execution services where they can assist hedge funds in locating the best platform for a trade.