coinbase last week accepted its first deposit and is now open for business.ptocurrency exchange says can hedge funds and family offices have begun using the service, the goal to safeguard digital tokens in a manner similar to traditional securities. to have 100 large institutional customers by the end of the year with as much as $5 billion in assets. joining us with more details is white, and inam new york, our executive editor and host of what do you miss, joe weisenthal. everyoneine terms, not is familiar with what custody means, what cold storage means, talk about what you have made live today. >> coinbase custody launching today represents a way for institutions to store their cryptocurrency in a safe and compliant manner. when people look at the space, there is a history of security incidents, but at coinbase security is our number one goal. as we moved into the institutionalization of the space, large hedge funds, brokerages said we cannot begin trading cryptocurrency until we have a safe way to store it. we announced at the end of last year, we would b

details on coinbase's new customers next.is bloomberg. ♪ brad: just last week, coinbase custody accepted its first deposit and is now open for business. the cryptocurrency currency exchange says 10 hedge funds and family offices have begun using the service. to safeguard digital tokens and a manner similar to traditional security. coinbase aims to have 100 large institutional customers by the end of the year with as much as $5 billion under management. joining us now with more detail is adam white from coinbase. also with us in new york is bloomberg's executive editor .oin -- joe adam, let's define our terms. not everyone is familiar, it's a about what you guys have made. terms, ithe simplest is a way for institutions to store their currency in a safe and compliant manner. when people look at the space, there has been a history of security incident, and we have made security our number one goal. we move into the institutionalization of the space, hedge funds and brokerages say they cannot trade until we have a safe way to sto

details on coinbase's new customers next.s is bloomberg. ♪ brad: just last week, coinbase custody accepted its first deposit and is now open for business. the cryptocurrency exchange says 10 hedge funds and family offices have begun using the custody service. the goal of the service is to safeguard digital tokens in a manner similar to traditional securities. coinbase aims to have 100 large institutional customers by the end of the year with as much as $5 billion in assets under management. joining us now with more detail is adam white, coinbase general manager. also with us in new york, bloomberg executive editor and host of "what'd you miss?" joe weisenthal. thank you guys for joining us. adam, let's define our terms. not everyone is familiar with what custody means, with what terms like cold storage means, so talk about what you guys have made life today. -- live today. adam: in the simplest terms, it is a way for institutions to store their currency in a safe and compliant manner. when people look at the space, right ther

at coinbase we have made security our number one goal.ard as we move the more institutionalization of the space, large hedge funds, large brokerages said we cannot begin to trade currency until we have a safe way to store it. we announced at the end of last year that we would not -- we would build a coinbase custody. we launched it today and we already serve about 10 hedge funds. brad: crypto praises have had a rough rise. they have been criticized for volatility for a number of years. have investors stayed out because of the absence of this kind of service and will this maybe rectify those rough waters? adam: i think it is the opposite. what we have seen with the recovery, the price of bitcoin nearly touched $20,000 at the end of last year. all digital currencies reach about 800 billion. that has come down. institutions are more eager than ever because they may be thought this was a train that they missed. i think they have the feeling that they have an opportunity to get in. that throughhing things i coinbase custody. brad: joe, have yo

details on coinbase's new customers next.rg. ♪ ♪ brad: just last week, coinbase custody accepted its first deposit and is now open for business. the cryptocurrency exchange says 10 hedge funds and family offices have begun using the custody service. the goal is to safeguard digital tokens in a manner similar to traditional securities. coinbase aims to have 100 large institutional customers by the end of the year with as much as $5 billion under management. joining us now with more detail is adam white from coinbase. host ofh us is the miss?" joe weisenthal. adam, let's define our terms. not everyone is familiar with what custody means, with what cold storage means. adam: in the simplest terms, it is a way for institutions to store their currency in a safe and compliant manner. when people look at the space, there has been a history of security incidents, and we have made security our number one goal. what we heard as we move into the institutionalization of the space, large hedge funds and large brokerages said they cannot tr

coinbase announced it was exploring the addition of a new number of new cryptocurrencies seema modi has latest. >> the largest cryptocurrency exchange announcing that it is exploring the addition of the following assets, cardano, basic attention token, stellar, z cash and ox it's worth noting that b.a.t. and ox are initial offerings token is up about twa% stellar, higher by 10%, and zcash gaining 15% and ox soaring 26% intraday and that according to coin market cap while the digital tokens have not been added yet coinbase says it wants to remain transparent with its customers about future support for additional cryptocurrencies beyond what it currently offers on its platform like bitcoin, bitcoin cash and litecoin. the rollout of these assets will require additional exploratory work and it's not guaranteed they will be listed for trading. still, it's a sign that the industry is starting to see value in other cryptocurrencies and the coin base is trying to appeal to investors that are looking to diversify their holdings and it has a strategy other crypto exchanges like gemini are also us

she reached out to "7 on your side" and we contacted coinbase. the company told us we moved her assets from her old inaccessible account to her new account. i also offered to help enable buys and sells on her new account. coinbase resolved her case within two days after being contacted by "7 on your side." she was stunned. >> it was like magic! >> coinbase says it's increased staff on its customer support team by 150% significantly decreased the backlog of cases that blame some of its problems on rapid customer growth. i want to hear from you. my "7 on your side" hotline is up weekdays until 2:00 p.m. you know my phone number and reach me on my facebook page and abc7news.com. >> good stuff. you are magic man, by the way. >> he has super powers. >>> heads-up this weekend, the 41st running of the san francisco marathon. more than 40,000 runners will fill the streets on the embarcadero bridge and many streets. it should be a good day for that. >> should be nice and cool for those runners and like now, you see the fog. >> things will be looking good

hold funds.n't they have coinbase, $5 billion, $10 billion.not have that insurance risk. but we have a lot of money that merchants were holding that was always at risk and you have to take that seriously. emily: what about the fear that some cryptocurrencies might overstate the amount of insurance they have? sonny: that is something that consumers have to worry about, the regulators have to worry about as well. we spent a lot of time with the insurance companies. providing the information to them. we just got approved for a license, which is all about yourtransparency of financials, management team, and that type of stuff. emily: what does the license allow you to do? sonny: it gives you credibility in the state of new york, with regulators, with merchants you are try to work with, consumer money. it gives you that credibility that the insurance and regulars -- regulators have looked and trying to approve what you're saying and doing. emily: do you think insurance will integrate the industry? will the fact that there are some protections attra

coming out at the end of the year or early next year, all trying to compete with companies like coinbasepay. emily: thank you so much as always for stopping by. sonny: thank you, emily. emily: this company is betting big on its cloud business, and second-quarter results showed a boost in cloud services. cfo spoke with bloomberg. he says that there is still gas tank to sustain cloud sales well into 2020. waslub subscription growth actually the biggest growth rate would have enjoyed in quite a even if youd discount the latest acquisition that we have been doing, which has been closing in the beginning, which makes us very strong as a player in the first growing market as well, we midd've been growing in the 30's. so the organic growth machine is definitely accelerating. we see great prospects for the remainder of the year, which is where we have raised our guidance with another 50 million in the high-end, after having raised it already in the first quarter. >> the cloud business obviously is all the rage. crm -- and the crm business, you just launched a new suite. what can of growth do you

high something to watch bitcoin, again, the big winner just like yesterday, bitcoin up to 7987 on coinbasejoining us now is matt maley from miller tabeck you argued the most important stock in the market now from a technical perspective is alphabet/google. and if it failed themarket could be in trouble. it looks like we could have a big day for google/afslphabet today. would that be good news for the overall market >> it should be. the other fang stocks broke to new highs. well above their january highs not just above january highs, but well above january highs google had not been able to do that the 1,200 level it was bumping up several times and then pulled back now it has pulled away from that unless we get a tricky announcement in the middle of the day today, this is the kind of technical move you want to see. it will be interesting to see. some money that has been flowing into other f.a.n.g. stocks as they made new highs, they have been avoiding google they may not go into those other stocks maybe not so much but this is a positive move. the one concern is that the rally has been narr

in cryptos and bitcoin was up 3% and its best performance in three months on friday we reported coinbaseonsidering adding to its platform, bitcoin cash, ethereum and litecoin on their platform these coins all jumped and even bitcoin was up 5% that day so bitcoin volume is only modestly higher and then only in the last few days and futures volumes haven't changed too much so don't get too excited yet there's one other possible positive here. regulatory, on tuesday, fed chair jerome powell said the fed was not thinking of creating a crepto currency. sounds like a negative the purists are seeing this, they don't want government intervention or oversight. if the fed gets into crypto business there is potential for much more regulation in their minds, the purists' mind, this would be a negative so powell saying this could be viewed as a mild positive for prices, i think is an interesting idea if you accept the fact that more regulation would be negative for cryptos. melissa, back to you >> bob, thanks bob pisani at the new york stock exchange let's trade it when we were speaking to barry. >>

but has also drawn investment from union square ventures, from the ceo of coinbase, so this actuallyike something real in the world of crypto. ofgy: it started at the end last year and it is important to note that the money going into this is coming from his cohen private ventures, not from the hedge fund that he runs. it is part of his asset base that he uses to invested longer-term capital. this is definitely a longer-term play. and into the asset class. that is important, because sometimes when people here that somebody is going into crypto, they think immediately about the coin and this is thinking about investments across the board in the asset class, in terms of infrastructure for crypto assets, in terms of privacy, better privacy for privacy coins. alix: 249 crypto funds have opened and 70% did so last year, so not just bitcoin. big names are finding different ways of doing it. >> it will be interesting to see if this is a path of investment for him. if it becomes something he is really adjusted in. is really interested in. if you have a steve cohen pushing the idea that crypt

. $264 million if it prices at the top of the range >>> also, coinbase has formed political action committeelections had not raised money yet as part of its latest public filing in may. they said it would revamp its trading technology and create a suite of services to attract mo more and trouble for an uber and lyft driver and some of his riders as well caught live streaming his rides to the site twitch without the knowledge of his passengers. the driver claims he hasn't broken the law and that passengers in a ride share don't have a, quote, reasonable expectation of privacy since the st. louis post dispatch broke the story over the weekend, both uber and lyft said they have deactivated the man's account. basically a live reality show in his cab or car >> it's hard to crack down on this he could put it up on youtube after the fact and have the same impact >> we've been discussing the idea we're being tracked and followed by cameras all over but in the back of a car, some of the things that happen back there. >> but not sure what we get up to in a car, but even if you take a phone call from y