Coinbase Bitcoin Custodial Service Aiming to Hit $2 Billion in Assets
Coinbase Custody, the blockchain-based digital assets custodian that claims to function as a standalone, independent-capitalized business to Coinbase cryptocurrency exchange, has revealed via a tweet on June 13, 2019, that it currently holds nearly $1.5 billion in cryptoassets under custody and it’s working hard to up that number to $2 billion by the end of this year.
Coinbase Custody to the Moon
Since its launch during the crypto winter of 2018, Coinbase Custody has thrived significantly despite all odds.
Now, per a tweet from the team, the firm now the total amount of bitcoin, altcoins and other cryptoassets under its watch has surpassed the $1.3 billion mark and it expects that amount to reach at least $2 billion shortly.
The firm has revealed that its top officials, including CEO Sam McIngvale and chief information security officer, Philip Martin, were in the United Kingdom last week to discuss pertinent issues as regards the institutional cryptoeconomy with a good number of prospective institutional investors and existing clients.
Bitcoin to the World
Specifically, the Coinbase Custody team reportedly pointed its searchlight on the European institutional ecosystem and how cryptocurrency could become a “mature, investable asset class,” while also clearing some misconceptions surrounding the burgeoning digital asset class.
While some cryptocurrency enthusiasts believe that one of the several issues impeding the institutional adoption of bitcoin remains the lack of robust and highly secure digital assets custodial services, the team has made it clear that that narrative is no longer true, as Coinbase Custody is regulated, secure and even insured.
The team claims that its entire assets under custody (AUC) are secured with a “range of different technologies and systems.”
At current, Coinbase Custody says it services more than 90 clients, with about 40 percent of those customers located outside the United States and it expects more cities to start playing active roles in the cryptospace, as crypto matures.
The team said:
“Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US. As crypto matures as an asset class, we financial hubs like London becoming centers for crypto innovation. We’re excited to be one of the companies driving this.”
In May 2019, Coinbase Custody announced support for 20 new coins, taking the total number of supported digital assets on the platform to more than 30, including bitcoin (BTC), augur (REP), Tezos (XTZ) zcash (ZEC).