While Coinbase (NASDAQ:COIN) was never really the only game in town when it came to buying and selling cryptocurrency, it has enjoyed a point of prominence in that field for some time. Most of the field was just “Coinbase” and “everybody else.” Well, “everybody else” just got a lot bigger today, and Coinbase took it on the chin as a result. Coinbase shares are down over 8% in Thursday afternoon’s trading thanks mainly to the new entrant in the field.
The new word notes that CME Group (NASDAQ:CME) is planning to fire up its on Bitcoin trading operations in a bid to add profit from traders who want to add crypto exposure to managed funds. Since CME Group is the largest futures exchange platform around, that could represent a serious loss of potential business for Coinbase, who was eagerly looking to land a piece of that institutional Bitcoin market. Throw in the fact that CME Group can function as a “regulated…
