Sand Hill Global Advisors’ Brenda Vingiello recently bought shares of Coinbase Global Inc (NASDAQ:COIN).
Cryptocurrency is an enormous market and Coinbase has done a tremendous job of growing its user base, Vingiello said Tuesday on CNBC’s “Squawk Box.” She expects institutional investors will use the Coinbase platform as they become more active in crypto markets.
Coinbase offers a high-quality platform that is safe, Vingiello noted. There aren’t a lot of other high-quality places for individuals to go to invest in cryptocurrency, she said.
“Coinbase is really the only place that we can refer them to go to help implement some kind of plan to diversify their assets.”
In the company’s most recent earnings report, Coinbase announced monthly transacting users increased 44% to 8.8 million quarter over quarter.
COIN Price Action: Coinbase has traded as high as $429.54 and as low as $208 since its direct listing on April 14.
The stock is down 1.1% to $259.63 at time of publication.
Photo: courtesy of Coinbase.