Coinbase Launches Coinbase Custody Crypto Service For Institutional Investors
American exchange Coinbase announced the launch of its new Coinbase Custody service aimed at institutional investors, writes CoinDesk.
Coinbase Custody was announced a year ago. It is a cryptocurrency storage service designed primarily for large financial institutions. Earlier Coinbase reported that the initial commission for using the service will be $ 100 thousand, and the minimum amount that can be stored in a deposit account is $ 10 million..
“In creating Coinbase Custody, the most secure storage solution for cryptocurrencies, we have leveraged our expertise to securely store over $ 20 billion in cryptocurrencies,” the company said in a statement today..
According to the press release, this product has become part of a set of already presented tools for institutional investors. Coinbase also explained why it decided to release the product in the current environment: “The cryptocurrency market is maturing quickly as more and more large institutional players enter it. In fact, over 100 hedge funds have been created over the past few months, investing and trading exclusively in cryptocurrencies. In addition, some of the world’s largest financial institutions recently announced that they are planning to do cryptocurrency trading. “.
These institutions, according to the company, can bring “new capital, more awareness and additional infrastructure to the crypto sector. This change requires institutional-grade products and services – the kind that Coinbase is collaborating with leading financial institutions to develop and we are proud to officially launch today. “.
The company also announced that Coinbase Custody will partner with a dealer company that is regulated by the US Securities and Exchange Commission (SEC). The final product will combine Coinbase’s expertise in securing cryptocurrencies with third-party audits and financial statements to meet the requirements of any other SEC regulated broker-dealer..
Coinbase partners to launch Coinbase Custody 1confirmation, Autonomous Partners, Boost VC, MetaStable, Multicoin Capital, Polychain Capital, Scalar Capital and Walden Bridge Capital.
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