Tuesday, 17 July, 2018

Coinbase's Custody Service For Institutional Investors Goes Live

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Russell Knight | 05 July, 2018, 12:12

Coinbase Custody will offer its clients cryptocurrency cold storage options, "institutional-grade broker-dealer" services, and asset coverage.

Coinbase, the popular cryptocurrency wallet and exchange, announced Monday that its custody service is now officially open to institutional investors in the US and Europe.

On July 2, 2018, Coinbase officially launched Coinbase Custody. According to the official blog post, Custody accepted its first deposit last week.

In order to comply with the regulations, the platform has claimed that prior to the launch of its new service, Coinbase had a talk with the concerned authorities - Securities and Exchange Commission [SEC] and Financial Industry Regulatory Authority [Finra], and hence, are aligned with the law.

He would later add that the number one concern of these institutions with regards to cryptocurrencies was guaranteed security. "This new cold storage system has undergone rigorous penetration testing and cryptographic design review, and we plan further, regular third-party examinations to ensure the platform's ongoing security". Primarily, they will add support for more assets than their existing line-up of Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH].

The exchange now holds more than $20 billion in crypto assets, it also said Monday - a number the company hopes Custody will help raise by another $10 billion.

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Over the past six years, Coinbase has already stored more than $20 billion of cryptocurrency on behalf of customers through its exchange, but its new custody offering will notably be secured through a SEC-compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing (ETC).

The annual goal of Coinbase is set at 100 big institutions to a form a concrete customer base, with the management of an estimated $5 billion worth of digital assets.

Moreover, the service is now available only to institutional investors in the U.S and Europe but the exchange plans to expand it in the Asian crypto market by later this year.

"Over 100 hedge funds have been created in the past year exclusively to trade digital currency".

The addition of more cryptocurrency tokens and assets by Coinbase to its custodial service will depend on additional regulatory licenses. Interestingly, this is near the same time United States equities exchanges opened.

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