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A billion US dollars is kept on the custodial platform Coinbase, and the blockchain institute is soon to be established in Germany. Crypto-related activity on Google Trends approaches record levels.
In spring 2018, custody service began to operate on the Coinbase exchange. Since then, its clients have deposited more than $ 1 billion in cryptocurrencies. The head of the company, Brian Armstrong, said that Coinbase now cooperates with 70 institutional investors. Now, with Coinbase Pro platform, they are the making more than 50% of the turnover.
Coinbase Custody is capable of storing 30 different cryptocurrencies. Although investors prefer to work mostly with Bitcoin, other coins are also popular. According to Brian Armstrong, accumulated custody funds increase $150 million month over month.
Why we need custodial services
The blockchain institute will be opened in Dortmund, Germany, government of North Rhine-Westphalia stated. Institute will become a part of an Institute for Material Flow and Logistics. According to Andreas Pinkwart, regional Minister for Economic Affairs, the European Union is now far behind the United States in promoting new technologies.
According to Pinkwart, the priority for researchers is a deep study of blockchain energy efficiency. Pinkwart is confident that solution to the problem of high power consumption during mining will make significant transactions possible. In the future, this will have a tremendous economic effect.
Over the past month and a half, BTC/USD has grown by over 100%; Bitcoin price exceeded $8,200. Consequently, a growing number of web-users are interested in cryptocurrency. The number of search queries on Google Trends is approaching record heights.
Google Trends experts believe that excitement will exceed the annual peak by the end of the week. The all-time record was set in 2017, when the BTC was almost $19,000 worth. Since the beginning of 2019, Bitcoin rose from 51 to 67 points (on a scale from 1 to 100). However, search request for 'altcoin' demonstrates even more remarkable increase from 31 to 82 points.