Coinbase Custody Targets $10 Billion in Institutional Funds for Bitcoin Investment

domainking131

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Coinbase CEO Brian Armstrong officially introduced Coinbase Custody, a platform targeted at institutional investors. The new product is intended to be ultra-secure:

We are designing Coinbase Custody to meet the needs of institutional clients. In particular, we feel that institutional clients require:

  • Strict financial controls (multiple signers, audit trails, limits, etc)

  • Dedicated account representatives and phone support

  • SLAs on funds transfers

  • A regulated digital currency custodian

  • Multi-user accounts with separate permissions

  • Support for a wide range of digital assets and currencies

  • Insurance (in some cases)

  • And high levels of cyber and physical security
According to Armstrong, Coinbase currently holds $9 billion in user funds in various cryptocurrencies including Bitcoin. Coinbase Custody is exclusively for institutional investors with at least $10 mln on deposit. There is a $100,000 initial setup fee and a fee of 10 basis points per month on all deposits stored on the Coinbase Custody platform.


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