The largest US cryptocurrency exchange Coinbase has published “a set of core principles” designed to guide its institutional business.
On Monday, the company unveiled five principals that will support its mission to become “the most trusted” cryptocurrency trading venue. These include: operating “fair and orderly” market; protecting the company’s customers with institutional-grade infrastructure and processes; enforcing transparent market rules and governance; providing fair access to all market participants and publically disclosing listing practices and market rules.
“This set of fundamental beliefs will act as our North Star as we design, develop, and operate our products,” Adam White, vice president and general manager at Coinbase, wrote in a blog post. “Ultimately, we intend for these core principles to drive us toward our goal of operating the most trusted venue for storing, trading, and interacting with the world of cryptocurrency,” he added.
The move reflects Coinbase’s growing focus on institutional investors looking to enter nascent market of digital assets, such as Bitcoin (BTC) and Ethereum (ETH). In May the company unveiled a suite of products geared toward institutional investors. Coinbase said at the time that it these products, which included a custody product for cryptocurrencies were aimed at accelerating the adoption of cryptocurrencies by institutions.
Also in May, the company rebranded its crypto exchange offering “as a recognition that the individual active trader requires a product completely dedicated to their specific needs”. And in June it acquired three companies - Keystone Capital, Venovate Marketplace and Digital Wealth – in order to bolster its bid to become a fully regulated broker dealer with the US Securities and Exchange Commission (SEC). The company also indicated at the time that in the future it might work with regulators to “tokenize” existing types of securities, bringing some of the benefits of cryptocurrency-based markets, such as 24/7 trading, real-time settlement and chain of title, to traditional financial markets.