Coinbase Facilitated Tesla’s $1.5 Billion Investment In Bitcoin
Coinbase, one of the top cryptocurrency exchanges in the United States, has helped various major firms from across the world in making an investment in Bitcoin, the world’s biggest digital currency by market value. A new report shows that the San Francisco-based cryptocurrency exchange was also behind the recent massive $1.5 billion investment of Tesla in Bitcoin.
Crypto Exchange Coinbase Executed Tesla’s Purchase
At the beginning of this month, the well-known e-car manufacturer firm Tesla disclosed its massive investment in Bitcoin, saying that it has bought $1.5 billion worth of the pioneering digital currency. This news pumped up the price value of Bitcoin to a new high, and now BTC is sitting at around $51K at the moment.
However, the news media outlet The Block Crypto has reported that this massive Bitcoin purchase of Tesla was facilitated by the United States-based digital currency exchange Coinbase, which helped Elon Musk’s firm in the execution of this purchase at the beginning week of the present month as per some sources that were familiar with the matter.
Coinbase Was Also Behind The Purchase Of MicroStrategy
It is not only Tesla that tapped the Coinbase exchange for executing its huge purchase of BTC but the business intelligence firm MicroStrategy also tapped the US crypto exchange for the execution of its purchase of Bitcoin that it made last year. The cryptocurrency exchange executed Tesla’s purchase in the similar way it did in the case of MicroStrategy.
In a case study, Coinbase stated that it used Over-the-Counter (OTC) trading desks and algorithmic trading tools for executing this purchase. The purchase took place in various OTC trading desks.
MicroStrategy started investing in Bitcoin last year with an initial purchase of $250 worth of BTC. The business intelligence company played a major role in driving institutional adoption of Bitcoin as many institutional investors stepped into the major digital currency.
Now, the investment of Tesla has boosted this adoption further, especially the remarks of the company’s Chief Executive Officer (CEO) Elon Musk fueled the popularity of Bitcoin. Bitcoin’s price value has surged above the psychological mark of $50k and has made a new all-time high value.
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