Coinbase hired former Barclays executive Brett Tejpaul as the head of its institutional coverage. Tejpaul worked with Barclays for 17 years and had spanning roles in credit and commodities sales and digital innovations, The Block reported.
Tejpaul also served as the global head of sales, global head of credit and commodities, and head of digital. In an interview with The Block, he said that Coinbase could offer products and services beyond trading bitcoin and other cryptocurrencies. He also admitted that he was impressed with the development in the crypto space.
“I am amazed at actually how much development has happened,” Tejpaul said.
“This isn’t about trading one thing. It is a platform that can make up a collection of products and services.”
He also added that Coinbase would continue its institutional business to leverage over-the-counter trading, custody and exchange services. However, it will take a broader approach to address the clients’ needs. In fact, it is looking for new deals.
“I think about what a stablecoin can do,” said Tejpaul. “I think about credit risk, settlement risk, speed of settlement, the cost to maintain old infrastructure. This can serve as a precursor of broader adoption and the trading of bitcoin and other cryptocurrencies.”
However, it remains unclear whether Coinbase could build around stablecoins as it also didn’t provide specific details. At present, the exchange offers USD Coin (USDC) trading pairs and is a member of the consortium that manages the stablecoin.
Meanwhile, web-scale blockchain Solana has partnered with Terra to bring the decentralized stablecoin to its ecosystem. The two are planning to build a high-speed token bridge to make it possible.
“Together we’re building a new high-speed token bridge that facilitates the transfer of Terra stablecoins into Solana’s dapp ecosystem,” Solana wrote.
“Terra’s tokens will be the first stablecoins on the Solana network. By bringing stablecoins onto our network, we aim to dramatically expand the design space for developers, opening the door to novel applications that require price-stable payments. Similarly, and by the same token, we hope to support Terra’s expansion by creating a seamless gateway to our developer community.”