Coinbase's New Custody Service Is Now Live

Coinbase Responds to Criticism Set to Open New Portland Office with Focus on Customer Service

"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 Custody is officially open for business, providing secure storage of crypto assets for institutions in both the USA and Europe. "Coinbase Custody builds on this expertise to offer a brand new, independent solution for our institutional customers". The service has officially accepted its very first deposit and it is now live for investors in the USA and Europe.

He would later add that the number one concern of these institutions with regards to cryptocurrencies was guaranteed security. Its emphasis is placed on security as, supposedly, the new cold storage system has gone through a cryptographic design review and thorough penetration testing. It now accepts BTC, ETH, LTC and BCH, and plans to add more tokens in the future.

Moreover, the service is now available only to institutional investors in the U.S and Europe but the exchange plans to expand it in the Asian crypto market by later this year.

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This service grows out of the acquisition of three companies Coinbase announced last month: Keystone Capital Inc., a California-based Financial Industry Regulatory Authority Inc. registered broker; Venovate Marketplace Inc., another California-based company with financial licenses; and Digital Wealth LLC, a financial planning and investment management firm. Currently, Coinbase holds more than $20 billion worth of digital assets for its customers and the exchange believes that after the launch of its Custody service the figure might increase with additional 10+ billion dollars.

Citing the matter, Michele W. Layne, the Director of SEC L.A. Regional Office, said: "The SEC has brought several recent cases charging violations of the Customer Protection Rule, which establishes critical protections to ensure that investors' securities are kept safe by broker-dealers".

"Over 100 hedge funds have been created in the past year exclusively to trade digital currency".

Coinbase Custody is only available for institutions in the United States and Europe, but the company plans to open up the service in Asia "before the end of this year". Interestingly, this is near the same time USA equities exchanges opened.

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