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.

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.

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