Coinbase Chef Hirji: “It is not surprising that the market is recovering”

Were there not the many expected Christmas Bullrun in the last few days, but Bitcoin has at least recovered a bit in the last few days. Asiff Hirji, President and Chief Operating Officer of Coinbase, said the current recovery was not surprising and the run should continue into next year.

Hirji talked to CNBC’s Fast Money and explained that the market could go beyond its fundamentals and said, “Sometimes things are never as good as they seem, and never as bad as they seem. Hirji believes that in 2018 the market has seen more innovations that have surpassed everything from past years. For him, cryptos are becoming more and more visible. The number of applications is increasing all the time.

In all the chaos Coinbase has provided a lot of positive news for the market with its “12 Days of Announcement” in the last few days, as we reported. While new product features such as Crypto Convert and Coinbase Earn were introduced, there were also a number of new coin listings such as Decentraland (MANA), LOOM, Civic (CVC), district0x (DNT), Dai (DAI), Golem (GNT), Maker (MKR) and Zilliqa (ZIL) which led to speculation that Coinbase is trying to increase trading volume by offering more cryptos for trading.

Hirji said this was not the case. He went on to explain that there are thousands of cryptos and Coinbase would “over time add as many crypto currencies that are important in as many regions as we can”.

This is the beginning of the next big wave of technology, and you should expect to see more and more crypto currencies over time.

With regard to the growth of Coinbase’s institutional products, Hirji said that institutions need a regulated and compliant place to invest in crypto currencies.

Institutions need a valid trading venue, a qualified custodian bank and want to ensure that there is actually liquidity. We have built up a lot of liquidity and we have the best regulated, best qualified custodian in the world. We think we have built many infrastructures that allow institutions to invest in crypto products.

Bitcoin soaring this week as the markets selloff. Here’s what @coinbase president @asiffhirji had to say about the move

– CNBC’s Fast Money (@CNBCFastMoney) December 20, 2018