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Bitcoin course's graph is seen on the Coinbase cryptocurrency exchange app. Photo: Chesnot/Getty Images

Coinbase, which got its start as a digital wallet for Bitcoin, wants to send a strong message to institutional investors that it's open for their business with a slew of product announcements.

Why it matters: Almost a decade after Bitcoin first appeared, institutional investors are finally warming up to cryptocurrencies and looking to invest in the asset class.

Coinbase's digital custody service is now awaiting final approval from the U.S. Securities and Exchange Commission before it can open its doors in partnership with a regulated broker-dealer, VP and general manager Adam White tells Axios.

  • Custody is currently one of the main areas of concern from institutional investors, largely because many of them are required by law to use a "qualified custodian" to hold their assets. As Axios reported in February, Coinbase attempted to acquire stealthy startup Anchor Labs to bolster its digital custody tech, though the deal didn't pan out.
  • Coinbase has partnered with Electronic Transaction Clearing for third-party auditing and financial reporting validation. It also says that a number of investors, including Boost VC, MetaStable, Multicoin Capital, Polychain Capital, and Scalar Capital have signed up for its service, pending regulatory approval.

More: Coinbase is also rolling out Prime, a new online interface dedicated to institutional investors; a customer support team dedicated to institutional investors; and upgrades to its trading marketplace, including low latency performance and on-premise datacenter colocation services, slated for future release.

Still: Coinbase is pre-announcing much of this plan, which is not operational yet, so it remains to be seen how popular it will be, whether customers will be happy with the products, and whether rivals will beat it to market.

Go deeper

Trump bump: NYT and WaPo digital subscriptions tripled since 2016

Data: Axios reporting and public filings; Chart: Axios Visuals

The New York Times and The Washington Post have very different strategies for building the subscription news company of the future.

The big picture: Sources tell Axios that the Post is nearing 3 million digital subscribers, a 50% year-over-year growth in subscriptions and more than 3x the number of digital-only subscribers it had in 2016. The New York Times now has more than 6 million digital-only subscribers, nearly 3x its number from 2016.

Ben Geman, author of Generate
30 mins ago - Energy & Environment

Biden's emerging climate orbit

Photo illustration: Aïda Amer/Axios. Photo: Win McNamee/Getty Images

As of Tuesday morning, we know a lot more about President-elect Joe Biden climate personnel orbit, even as picks for agencies like EPA and DOE are outstanding, so here are a few early conclusions.

Why it matters: They're the highest-level names yet announced who will have a role in what Biden is promising will be a far-reaching climate and energy agenda.

Janet Yellen is back

Photo illustration: Sarah Grillo/Axios. Photo: Hannelore Foerster/Getty Images

A face familiar to Wall Street is back as a central player that this time will need to steer the country out of a deep economic crisis.

Driving the news: President-elect Joe Biden is preparing to nominate former Fed chair Janet Yellen to be Treasury secretary.