In a blog post, Coinbase said that "Custody" received its first deposit last week will continue to onboard new clients.
Coinbase Custody is a service which provides secure storage for crypto-assets for eligible financial institutions and hedge funds across the world. "An even greater number of traditional institutional investors are starting to look at trading digital assets", Brian Armstrong, chief executive of Coinbase, said about Coinbase Custody. This challenge is where and how does such an institution - such as a hedge fund - store its millions of dollars worth of cryptocurrencies without fear of the funds being hacked and stolen as is the case with the numerous exchanges that have fallen victim to cyber crooks. "Coinbase Custody is a combination of Coinbase's battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program".
Coinbase - the major United States crypto exchange and wallet provider launched its digital assets custodian solution for institutional investors on July 2. The cold storage system in particular has undergone "rigorous penetration testing" and a cryptographic design review. However, Custody is only live in U.S. and Europe.
This new service will only be accepting investors with a minimum balance of $10 million, charging a 0.1% fee on a monthly basis and $100,000 on set-up.
Coinbase wasn't the only firm taking up the institutional investment spotlight, as Blockchain has also announced its own institutional platform, affectionately named Blockchain Principal Strategies by the cryptocurrency infrastructure firm.
In response to the barrage of heavy criticism, Coinbaserecently announced that it will be opening a new customer service office in Portland. It will create 100 new job vacancies in the finance, customer support and IT departments. Whether or not the platform is legitimately ready to harbor institutional money, however, remains to be seen.
Do you think the launch of Coinbase Custody will make the cryptocurrency space stronger?
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