London-based Coinbase has launched Coinbase Custody, a service aimed at the estimated $10bn of institutional money that could be available for digital asset trading. According to co-founder Brian Armstrong, sovereign wealth funds, family offices and traditional hedge funds are put off by the absence of a digital asset custodian, prompting the creation of Coinbase Custody. He said the service – only available to institutional investors with a minimum of $10m – would fulfil requirements, including strict financial controls and being a regulated digital currency custodian. Coinbase said it already has cryptocurrencies worth at least $9bn stored on behalf of customers.
San Francisco-based Coinbase has launched Coinbase Custody, a service aimed at the estimated $10bn of institutional money that could be available for digital asset trading. According to co-founder Brian Armstrong, sovereign wealth funds, family offices and traditional hedge funds are put off by the absence of a digital asset custodian, prompting the creation of Coinbase Custody. He said the service – only available to institutional investors with a minimum of $10m – would fulfil requirements, including strict financial controls and being a regulated digital currency custodian. Coinbase said it already has cryptocurrencies worth at least $9bn stored on behalf of customers.