Coinbase Helped Tesla Bitcoin Purchase

A report from leading crypto news site, The Block, has identified Coinbase as being the crypto exchange responsible for Tesla’s recent investment in Bitcoin. The electric carmaker’s investment was worth $1.5 billion and had rightly dominated the headlines of the crypto industry for days as many crypto enthusiasts hailed this new development for its widespread impact on the market.

According to the report, the US-based crypto exchange was also responsible for the purchase of Bitcoin for another top institution, Microstrategy, who is a popular hodler of the crypto asset. It was also reported that the crypto company has over five Fortune 500 companies as clients.

While Coinbase had declined to comment about the transaction, sources familiar with the deal had said that “the firm had executed Tesla’s purchase during the first week of February, over the course of several days.”

Tesla’s purchase and the entrance of other institutions into the market has helped to drive the price of the asset above $50,000. Presently, the asset has reached an all-time high of $52,253.60 on Coinmarketcap.

This report indicates that the crypto exchange is playing an active role in boosting institutional investment and adoption of cryptocurrencies. It should be noted that Coinbase is gearing up for its direct listing on NASDAQ and the firm purportedly now worths $77 billion.

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