Some USD 1.3 billion in digital assets now sit under the care of Coinbase Custody, and if the custodial services firm is to be believed, this will soon reach USD 2 billion in total assets under custody (AUC). A statement from the company reads:
“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. […] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”
1/ Last week Coinbase Custody CEO @sammcingvale and Coinbase CISO @SecurityGuyPhil visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients. pic.twitter.com/gA5nu9NWUR
— Coinbase Custody (@CoinbaseCustody) June 13, 2019
A Twitter thread published last week by the official Coinbase Custody account reveals this figure, shortly after a visit to the UK from its CEO Sam McIngvale and chief information security officer Philip Martin, which was “to discuss the institutional cryptoeconomy with a range of prospects and clients”.
At the meeting, the firm reportedly considered itself an institutional grade offering, despite there being none in the crypto space yet. Its services are insured, regulated and secure, it says, justifying this claim.
Coinbase Custody considers crypto a maturing asset class, and along the journey to full maturity, fintech hubs such as London are attracting the very best in crypto innovation.
Mid last month Coinbase CEO Brian Armstrong had stated a figure of USD 1 billion AUC, though rising Bitcoin valuation since then should likely explain the USD 300 million increase.
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