In a twitter thread published the news by Coinbase Custody posted on June 13 –
3/ “There’s a narrative out there that institutional-grade services don’t exist in crypto. This isn’t true. Coinbase Custody is a regulated, insured and secure custodian. We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there.”
— Coinbase Custody (@CoinbaseCustody) June 13, 2019
Sam McIngvale, the organization’s CEO, and its central data security officer, Philip Martin, visited the UK. The objective behind the visit was apparently to examine the institutional crypto economy with a scope of prospects with clients. During the meeting, the company’s delegates insisted that, while many accept that there are no institutional grade contributions in the digital currency space, Coinbase Custody is an offering in reality.
Moreover, In Mid-May, during a discussion at Consensus, the CEO of Coinbase, Brian Armstrong, said that its administration has effectively received 1 billion in crypto under custody. Also, Armstrong accepts that the investments in this area will develop quickly, as the organizations need their assets to be more active under management. The Coinbase CEO expressed that organizations need their assets to trade, vote, and do on-chain governance.
Besides, the most prevalent resource among the institutional financial specialists, Armstrong feels that BTC (Bitcoin) is still at the highest priority on the list. Moreover, the interest for different coins is developing as well, which is the reason Coinbase at present gives 30 altcoins to establishments. Also, he said that they had effectively received $1 billion in resources under custody.
In a tweet, On March 29, Brian Armstrong, Co-founder and CEO said that,
Coinbase Custody now has:
- Over 60 institutional clients
- Adding about $150M a month in assets in 2019 so far (over $600M total)
- Support for OTC trading and staking
- Cyber-crime Insurance
- Regulation: Qualified Custodian under NY State Banking Law
- SOC 2 Type I: certified
Coinbase Custody works as an independent, autonomously promoted business to Coinbase Inc. Coinbase Custody is a guardian under NY State Banking Law. Every excellent resource is separated and held in the trust to serve their customers.