Coinbase Custody Acquires Institutional Businesses of Xapo

Fibo Quantum

Coinbase Custody, the institutional custodian service of Coinbase, a San Francisco, CA-based cryptocurrency trading company, acquired the institutional businesses of Xapo, a crypto assets storage company.

The amount of rhe deal was not disclosed.

Through the acquisition of Xapo’s institutional businesses, Coinbase will expand its digital assets storage capabilities ensuring clients that their assets are safe and accessible.

In over one year since launch, Coinbase Custody has grown to over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, in the world.
In addition to custody, the company will explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties.
Coinbase is committed to serving a wide spectrum of institutional clients including hedge funds, family offices, endowments and proprietary trading desks as they decide to onboard crypto. Its institutional range of products provides a compliant ecosystem for clients to trade, store and interact with their crypto. The suite combines access to a large pool of regulated, verified crypto liquidity through Coinbase Pro with high performance APIs and a coverage team. Paired with access to global OTC trading desk and Coinbase Custody’s secure and insured storage platform, Coinbase aims to deliver security and performance needed by investors to trade with confidence.

Founded in 2014, Xapo is a New York DFS-regulated entity (NY Bitlicense holder) and a Gibraltar-licensed E-money institution, that offers a multi-currency digital wallet and card that operates in the global market. The team is represented by a workforce of over 250 team members, who are globally distributed across more than 50 countries.

FinSMEs

19/08/2019