Coinbase Custody exposed that it holds above one billion dollar in Assets Under Custody. Moreover, it divulged that the firm expects to hit $2 billion Assets Under Custody soon in a Twitter thread published on June 13.
In a series of tweets, what is markedly the official Coinbase Custody Twitter account stated that last week Sam McIngvale, the Coinbase Custody’s CEO and its Chief Information Security officer, Philip Martin, visited the UK. It is to be noted that the primary reason of the visit was purportedly to discuss the institutional cryptoeconomy with an assortment of prospects and clients.
The representatives of the firm argued during the meeting, that inspite of the belief of several people that there are no institutional-grade offerings in the cryptocurrency and digital asset domain, Coinbase Custody is in fact such an offering. Furthermore, Coinbase Custody’s representatives stated that the company is regulated, insured, and safe custodian.
Coinbase Custody and Cryptocurrency Under Management
Interestingly, the aforementioned thread also indicates that they have more than $1 Billion Assets Under Custody and anticipate to hit $2 Billion soon. The post added that they have no purpose of stopping there. Furthermore, it added that Coinbase Custody services over ninety clients and roughly forty percent of those are outside of the United States.
Last of all, the tweet also claims that with the maturing of cryptocurrencies and virtual assets as an asset class, financial hubs like London are becoming centers for crypto and blockchain innovation.
Brian Armstrong, CEO of the crypto exchange Coinbase, during an on-stage discussion at Consensus in mid-May, mentioned that its custody service had by now received more than $1 billion in assets under management.
According to the reports of several crypto media houses in the month of March, the US SEC is canvassing industry input as it possibly reviews present custody rules in particular cases of virtual asset trading and settlement.
Furthermore, Hong Kong trading and asset management firm BC Group declared that it is introducing an insured custody service for digital assets and cryptocurrencies.
Image Source: Twitter/Coinbase