Coinbase Custody, a branch of Coinbase aiming to welcome institutional investor money, has officially opened for business.
The goal for Coinbase Custody is to become the most trusted and simple to use crypto custody service in the world. They have already accepted their first deposit last week, adding, “Over the coming weeks, we’ll continue on-boarding a set of world-class clients that includes leading crypto hedge funds, exchanges and ICO teams.”
According to their announcement, Coinbase is currency responsible for over $20 billion dollars in crypto assets. Coinbase Custody plans to use cold storage and multi-factor authentication to secure the crypto assets of the institutional investors.
Currently, Coinbase Custody can only provide their services to clients in the United States and Europe but plan to offer Asian clients their services by the end of the year. Furthermore, Coinbase Custody only supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), but plans on adding support for new crypto assets in the future.
Coinbase Custody is looking to implement some “Crypto-first features” that would introduce their clients to various features of the crypto market such as proof of stake and distributed governance.
Coinbase is one of the companies in the crypto space that is doing things right. They have demonstrated this through their early adoption of the tech, the creation of crypto charities, their dedication to security, and much more. It is great to see that not only is Coinbase Custody welcoming institutional money, they are also eager to introduce their clients to crypto and blockchain tech. It is clear that Coinbase is valuing the adoption of the market over their own personal gain. Hopefully, this new service from Coinbase will bring institutional investors off the sidelines.