The US-based crypto exchange Coinbase has launched a new cryptocurrency custody service for institutional investors called Coinbase Custody. It provides secure storage of crypto assets for institutions in both the US and Europe. The first deposit was accepted last week.
Coinbase said it has added some clients including leading crypto hedge funds, exchanges and Initial Coin Offering (ICO) teams. It expects to start offering the new service to Asia as well by end of this year.
The digital asset custody service is a combination of Coinbase's cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, as well as a client coverage program.
The exchange said the introduction of the secure crypto asset storage solution addresses the main concern of among institutional investors of strict financial controls and secure storage facilities for their digital assets.
The company currently is a custodian of more than $20 billion in crypto assets.
Coinbase CEO Brian Armstrong estimates that there is $10 billion of institutional money waiting on the sidelines to invest in digital currency.
The custody services are provided through its partner Electronic Transaction Clearing (ETC), which is a U.S. Securities and Exchange Commission (SEC)-registered and regulated institutional broker-dealer and Financial Industry Regulatory Authority (FINRA) member.
Coinbase Custody currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
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