Coinbase
Custody revealed that it holds $1.3 billion in assets under custody
(AUC) and the firm expects to hit $2 billion AUC soon in a Twitter
thread published on June 13.
In a series of tweets, what is evidently the official Coinbase Custody Twitter
account reported that last week the company’s CEO, Sam McIngvale, and
its chief information security officer, Philip Martin, visited the United Kingdom. The purpose of the visit was reportedly “to discuss the institutional cryptoeconomy with a range of prospects and clients.”
During
the meeting, the firm’s representatives argued that, while many believe
that there are no institutional-grade offerings in the cryptocurrency
space, Coinbase Custody is in fact such an offering. The firm’s
representatives stated that the company is insured, regulated and secure
custodian. The thread also specifies:
“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.”
Lastly, the tweet also claims that — as cryptocurrencies mature as an asset class — financial hubs such as London are becoming centers for crypto innovation.
During an on-stage discussion at Consensus in mid-May, Brian Armstrong, CEO of Coinbase, said that its custody service had already received $1 billion in assets under management.
As Cointelegraph reported in March, the United States Securities and Exchange Commission
is soliciting industry input as it potentially reconsiders existing
custody rules in specific cases of digital asset trading and settlement.
In April, Hong Kong trading and asset management firm BC Group announced that it is launching an insured custody service for cryptocurrencies.
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