Coinbase Custody Seeking To Add $400 Million A Week In New Crypto Deposits From Institutional Customers
- Coinbase Custody crosses $7 billion in assets, seeing a growth of over 66% in the past month
- Gibraltar-licensed crypto assets storage service provider, Xapo acquired by Coinbase
- CEO Brian Armstrong says, they are now the number 1 crypto custodian for institutions
- Coinbase custody has reached a milestone of crossing $7 billion in assets under custody, becoming the “most popular and trusted choice for institutions to store cryptocurrency.”
In just over a year Coinbase Custody has grown to more than 120 clients in 14 different countries.
“Coinbase Custody is now the #1 crypto custodian for institutions!” Coinbase CEO Brian Armstrong shared on Twitter.
Coinbase Custody is now the #1 crypto custodian for institutions! https://t.co/B4qPV8jAY9 Excited to carry on the torch with Xapo's institutional business, one of the great early crypto companies.
— Brian Armstrong (@brian_armstrong) August 16, 2019
The assets under its custody show a steep rise in the past one month, registering a growth of 66.6%. Increase in the number of available assets on its platform and staking seems to be helping a great deal in this growth.
Coinbase custody’s assets growth
On August 16, Coinbase Custody announced the acquisition of Xapo’s institutional businesses.
“Excited to carry on the torch with Xapo's institutional business, one of the great early crypto companies,” said Amstrong about this acquisition.
Xapo that has been providing crypto assets storage services since 2014 and now Coinbase plans to extend its legacy and help it achieve its mission of making Bitcoin more secure and accessible.
“We're seeing $200-400M a week in new crypto deposits come in from institutional customers,” he added.
Established in 2012, San Francisco-based cryptocurrency platform Coinbase is the top US crypto exchange that serves a wide spectrum of institutional clients including hedge funds, family offices, endowments, and proprietary trading desks.