It was in September of 2020 when one of the largest technology firms ‘MicroStrategy’ made a shocking and promising announcement for the crypto-industry. The firm announced to the entire world and its followers that it was going to invest its holdings into cryptocurrencies.
The tech firm ‘MicroStrategy’ is known for providing mobile software, business intelligence, and cloud-based services to its clients. Following its announcement where the firm informed that it was interested in investing in cryptocurrencies, it made a huge purchase of Bitcoin (BTC).
That is when it was reported by the crypto-data reporting firms that one of the largest Bitcoin (BTC) purchases of 2020 taken place. The scale of the Bitcoin (BTC) purchase was so much that it took more than five days for the purchase to take place.
Just recently, one of the largest cryptocurrency exchanges ‘Coinbase’ from the United States of America has come forth confirming the reports. The cryptocurrency exchange has confirmed that it was their platform that facilitated MicroStrategy in the purchase of Bitcoin (BTC).
The exchange also stated that it was the largest Bitcoin (BTC) purchases by an institution for the year 2020. As per the official announcement, it was Coinbase that was selected as the primary partner that would help MicroStrategy in executing the purchase.
With the help of Coinbase, MicroStrategy carried out a large purchase of $425 Bitcoin (BTC) in September of 2020.
More details have been provided by Brett Tejpaul over the Bitcoin (BTC) purchase that took place in 2020. Brett Tejpaul is the head of institutional sales at Coinbase stated what aim the exchange in mind. He confirmed why the firm had facilitated an institution in purchasing the largest cryptocurrency.
Brett Tejpaul shared this information with the entire crypto-community through a blog on December 1, 2020. He stated that Coinbase is considered to be the prime and the leading crypto-platform.
He stated that using the firm’s advanced execution capabilities and OTC desk, the firm was able to facilitate and help MicroStrategy in carrying out one of the largest Bitcoin purchases of 2020.
He stated that the Coinbase exchange carried out the purchase on behalf of MicroStrategy. Most importantly, using their advanced maneuvers, they carried out the purchase in such a way that it did not have any impact on the market.
According to Brett Tejpaul, MicroStrategy had chosen and had approached Coinbase without going to anyone. He stated that MicroStrategy acquired their services because is well aware of the services that Coinbase is capable of providing.
Tejpaul stated that it was the latest market tools such as algorithmic trading tools and smart order routing that caught the interest of MicroStrategy.