Coinbase Custody Service Officially Open For Institutional Hedge Fund Investors
Coinbase Custody Service Launches
Coinbase has a new service, which allows the exchange to accept deposits. The platform announced the new service on Monday.
The service is called a Custody service, and it was specifically created for institutional hedge funds and other clients looking to deposit, at a minimum, $10 million. The platform accepted the first deposit last week, a feat the company announced on Twitter. Further, all customers can now use the service.
Coinbase Custody is officially open for business, providing secure storage of crypto assets for institutions in both the US and Europe. Before the end of the year, we hope to bring this offering to Asia as well. https://t.co/KDtMQ5TT3B
— Coinbase (@coinbase) July 2, 2018
At the current state, Coinbase holds more than $20 billion in crypto assets and it is looking to enhance that number by an additional $10 billion using Custody.
Each Custody client must pay $100,000, which is the set-up fee. Additionally, there is a 10 basis point fee-per-month for crypto assets concerning the assets held.
Coinbase announced Custody in May, which was the same time it also revealed its intention to work with a broker dealer in Securities and Exchange Commission. The platform also revealed that it intended to acquire a broker-dealer license and an investment advisor license. If the license is approved, the platform will be able to offer securities, in addition to its current products.