The number of users of the Coinbase exchange increased to 35 million

The largest American cryptocurrency exchange Coinbase, headquartered in San Francisco, reportedinstitutional investors for the first half of 2020. Spoiler alert: The exchange is doing well.

YTD # of Coinbase Clientsincreased by 5 million and currently 35 million people can be considered as such - both retail investors and large institutional players. Most likely, investors were pushed to cryptocurrencies by the coronavirus pandemic and fear of a crisis.

A Coinbase report says that cryptocurrenciescontinue to be used by investors trading in the traditional market. “Many larger and more conservative institutional investors are placing assets in this market for the first time, using Coinbase to form direct positions and support crypto fund managers as part of their alternative strategies,” Coinbase tells its investors.

This has always been Coinbase's goal: the exchange provides a premier platform for financial institutions wishing to trade with business funds. Financial institutions are served by the Coinbase Custody division of the exchange, which provides the ability to securely store digital assets.

The report also noted an explosion of interest indecentralized finance (DeFi), to which the exchange itself is involved. Compound DeFi token was listed last month, and in December users were able to earn DAI stablecoin by opening Collateralized Debt Position (CDP) on the Maker platform.

The exchange warns that while DeFi's developmentwill be extremely powerful in the long run ”, users should keep in mind that“ the market is still in its infancy ”. Coinbase has assured its customers that it will “continue to support the development of the DeFi protocols” through its products and investments.

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