In May 2018, Coinbase notified users that it was planning to create a suite of products for institutional investors. Today, the crypto exchange announced the successful launch of one of its institutional products, ‘Coinbase Custody’. However, Custody is only live in US and Europe.
Coinbase Custody is officially open for business, providing secure storage of crypto assets for institutions in both the US and Europe. Before the end of the year, we hope to bring this offering to Asia as well. https://t.co/KDtMQ5TT3B
— Coinbase (@coinbase) July 2, 2018
Custody stores cryptocurrencies in crypto vaults, also known as cold storage, in order to secure digital assets. It currently accepts BTC, ETH, LTC and BCH, and plans to add more tokens in the future. According to the official blog post, Custody accepted its first deposit last week.
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 previously held more than $20 million’s worth of digital assets, which is why they were able to create a reliable product for institutional investors. The exchange plans to expand Custody by offering separate hot wallets for users in the future.
Meanwhile, Coinbase announced last month that it will open an office in Portland. It will create 100 new job vacancies in the finance, customer support and IT departments. It was also announced that the exchange was launching a new branch in Japan. Nao Kitazawa, the COO of Money Design, was recruited to run the new office.
CEO Brian Armstrong also launched a crypto charity project named “GiveCrypto” in June 2018. The project will distribute cryptocurrencies all over the world to people who are facing financial crisis. Chris Larsen, co-founder of Ripple, Brad Garlinghouse, CEO of Ripple, and Zooko Wilcox, CEO of ZCash and Armstrong have already donated to “GiveCrypto”. Crypto users can donate BTC, BCH, ETH, LTC, XRP and ZEC by clicking the link here. However, the website doesn’t accept payment in cash, nor does it plan to do so anytime in the future.
Image Credit: Coinbase