Coinbase Custody’s Current Capacity Is Over Half of the Way Towards $2 Billion with $1.3B AUC
Coinbase Custody has been pretty successful lately. The CEO of the company, Sam McIngvale (don’t confuse with the CEO of the main Coinbase company, Brian Armstrong) has joined Philip Martin in order to affirm that the company currently has $1.3 billion USD under its management.
The duo also affirmed that the company currently believes that it can achieve even a higher mark. They believe that Coinbase Custody can have at least $2 billion USD in assets under management soon as they have “no intention of stopping” the growth of the company.
They also took their time to explain how the idea that there are no institutional services for the crypto market is simply fake. Coinbase Custody is a fully regulated company that is insured and has the highest security standards, according to him.
Why was Coinbase Custody so successful? According to them, part of the reason is that the company is always ready to adapt at all times but also to be supported by its strong foundation. They created several technologies in order to make the investors as secure as possible and sure that they are investing with a great platform.
Another important bit of information that can be taken from the announcement is that the company is currently serving over 90 clients and that nearly 40% of them are from outside of the United States, which shows an interesting penetration in the international market.
Most of the clients which are from outside of the country come from 11 countries, some of them based in Latin America, Asia and Europe. Coinbase is also starting a diversification plan in London soon, so the idea is to serve even more international investors soon.
According to the duo, the idea is to serve more fintech hubs such as London, which is not fully integrated within the list of company’s clients. They want to drive the institutional business in these countries.
Coinbase Custody made its debut last year, so it is a great result to have over 90 clients in only a single year of operation. Institutional investors are hard to get, as they have a lot of money and are very careful about how they invest it.
Brian Armstrong, the CEO of Coinbase, affirmed that the service has grown significantly recently and that the crypto space is now finally ready to become more professional with the investment of the institutions.