Leading cryptocurrency exchange Coinbase has announced that its custodian service for institutional investors is now live.
First announced in November 2017, Coinbase Custody accepted its first deposit last week. It currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), and plans to add support for new assets going forward.
“Coinbase Custody’s mission is to make digital currency investment accessible to every eligible financial institution and hedge fund in the world,” Sam McIngvale, Product Lead, Coinbase Custody, wrote in an online post. “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’s features include on-chain segregation of crypto assets; split, offline private keys that require a quorum of geographically distributed agents to use cryptographic hardware to sign transactions; multiple layers of security; and robust cold storage auditing and reporting. Coinbase said that it plans to add secure, segregated hot wallets and scheduled withdrawals for maximum flexibility.
The service currently provides secure storage of crypto assets for institutions in the US and Europe and expects to expand to Asia by the end of the year.
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
Coinbase CEO Brian Armstrong recently launched “GiveCrypto” – an initiative to distribute cryptocurrencies directly to people in need, Fortune reported. Armstrong has launched the crypto charity fund with a personal $1 million donation.
