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

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.