Wall Street Investors Bet Half a Billion Dollars on Bitcoin, Ethereum, XRP, Litecoin and More, Says Coinbase CEO Brian Armstrong
Coinbase CEO Brian Armstrong says institutional investors are now holding half a billion dollars on Coinbase Custody, the company’s platform specifically designed to securely hold digital assets for investors with large amounts of capital.
Coinbase Custody (https://t.co/QjsRDElw2O) has gotten good traction so far. About $500M in assets under custody now and growing. This is in addition to the many billions of $ in crypto assets on Consumer and Pro (which have been around much longer).
— Brian Armstrong (@brian_armstrong) February 21, 2019
The service launched in July, as part of the company’s push to unlock $10 billion of institutional money sitting on the sidelines.
Coinbase describes its custody solution as a “combination of Coinbase’s battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program.”
The San Francisco-based company is the largest crypto exchange in the US. Coinbase bought Keystone Capital Corp., Venovate Marketplace and Digital Wealth to enable the institutional investor custody service and to ensure that it’s compliant with US regulations.
In October, the company received the green light from the New York Department of Financial Services in October to offer Coinbase Custody in New York. Coinbase has also applied with the US Securities and Exchange Commission for a license to become a regulated broker-dealer that can offer blockchain-based securities.
Coinbase Custody currently supports Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, Ethereum Classic, 0x, Basic Attention Token, OmiseGo, Augur and Maker.