Paul Verdattakit Of Pantera Capital: There is Still Space For Global Exchanges To Invest


A partner at Pantera Capital, Paul Verdattait said that there is still room to invest in exchange.

Founded in 2013, Pantera Capital is one of the oldest investors in the nascent market for digital currencies. Back when Bitcoin was peaking, they had shown returns for 25,000% returns on BTC.

Verdattakit said:

“We decided to invest in local wallets and exchanges that are going to be providing regulated fiat on-ramps to consumers because we think that there is a reason for cryptocurrencies to exist for many different use cases, and you need liquidity, and therefore that's been a huge thesis. We've pretty much gotten to know exchanges in every single geography out there.”

For cryptocurrencies, the role of the custodian is especially important, since all a thief or hacker needs to steal cryptocurrency is the string of private keys, or codes, assigned to that specific asset. As a result, a roster of companies ranging from fintech startups to some of the biggest names in the financial services industry is now competing to play the role of cryptocurrency custodians.

He added:

“We need guys like Coinbase who are going to be interested in expanding to all these different geographies because of bitcoin potentially being a store of value.”

Companies fighting for this business include custody providers BitGo Inc. and Anchorage Trust Co. and cryptocurrency exchanges Coinbase, Gemini and Paxos. Larger companies are showing interest, too.

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