On July 2, the cryptocurrency platform officially launched the Coinbase Custody service. Last week, the exchange received its first test deposit, and is now ready for the full operation of the custodial service. “We officially opened today,” said Sam McInval, project manager.
Coinbase Custody’s clients will be well-known cryptocurrency companies, hedge funds, exchanges and ICO teams. The new service is aimed at institutional investors and those who are ready to invest large sums. The purpose of this service is to make digital currency investments attractive to any qualified financial institution or hedge fund.
Coinbase's new tool will offer cold storage services, broker-dealer services and asset coverage services for institutional investors. Coinbase will also partner with Electronic Transaction Clearing (ETC), a member of the Financial Services Industry Regulatory Authority that enforces SEC regulations.
Coinbase Custody services will initially be available only to US and European institutions, although the company hopes to expand its offerings in Asian markets as well. In addition, the service requires a minimum deposit of $10 million and an entry fee of $100,000.
The service currently supports investments in bitcoin, ether, litecoin and bitcoin cash, but Coinbase plans to add other assets and will offer regular updates, as well as adding other types of storage and flexible withdrawal terms in the future.
More recently Coinbase launched an index fundfor cryptocurrencies. Both of these services are part of Coinbase's strategy to expand its offerings, which also includes rebranding the exchange as Coinbase Pro and adding Ethereum Classic to its list of assets.
According to bitcoinmagazine.com
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