Cryptocurrencies
Coinbase Adds 10 Customers for Its New Crypto Custody Service
- Seeks to fill void for regulated custodian in crypto world
- Service available for Bitcoin, Ether, Litecoin, Bitcoin Cash
This article is for subscribers only.
Coinbase Inc., one of the world’s largest cryptocurrency exchanges, said 10 hedge funds and family offices have begun using the custody service it debuted last week that seeks to safeguard digital tokens in a manner similar to traditional securities.
The company aims to have 100 large institutional customers by the end of the year with as much as $5 billion in assets under management, Sam McIngvale, who is leading the effort for San Francisco-based Coinbase, said in a phone interview. Coinbase said it already stores more than $20 billion in crypto assets for clients such as retail investors.