Coinbase Custody Targets Institutional Investors: Now Open for Business

Coinbase Custody Targets Institutional Investors: Now Open for Business

Coinbase, the major US cryptocurrency exchange, announced its newest business regarding digital assets for institutional investors has now been launched according to their blog post on July 2.

The exchange first revealed its plans to open “Coinbase Custody” back in late 2017. The company stated that they were seeking to address what they consider to be the number one concern of institutional investors, which was primarily security.

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Coinbase Custody will most notably be secured through an SEC compliance Electronic Transaction Clearing (ETC). This addresses institutional investor concerns by abiding by the terms of US regulations, the SEC, as well as Wall Street financial industry regulatory Authority (FINRA).

Institutions from the US and Europe can now store cryptocurrency on Coinbase custody which will support Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Coinbase stated that they plan to continue adding more cryptocurrency assets as well as open the service to Asian institutional investors by the end of the year.

The exchange will employ a wide range of security measures including “on chain segregation of cryptocurrency”, off-line multi-sig and geographically distributed transaction protection, and extensive cold storage auditing and reporting.

Coinbase custody is the first to launch its suite of products which could potentially unlock $10 billion worth of institutional investor money sitting on the sidelines.

The exchanges is also attempting to become fully a SEC regulated broker-dealer through there are recent acquisition of the financial services firms as well as pursuing their own federal banking license.

Coinbase has also recently revealed the plans to do broaden their user base to the Japanese cryptocurrency market. However, amidst  their consistent expansion, the online tech website Mashable uncovered 134 pages of complaints filed by Coinbase users which included harsh criticism of the company for allegedly being underprepared for their fast-paced growth.

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