Coinbase Custody recently revealed that it holds $1.3 billion in assets under custody (AUC) and it is expected that the company will hit $2 billion AUC soon. This was revealed in an official tweet that was posted on June 13.
In a series of tweets, by what is the official Coinbase Custody Twitter account, it was reported that last week that Sam McIngvale, the company’s CEO, and its chief information security officer, Philip Martin, visited the United Kingdom. As per the reports, the main aim of the visit was reportedly “to discuss the institutional crypto-economy with a range of prospects and clients.”
During the course of the meeting, it was argued by the firm’s representatives that, even though many are of the opinion that there are no institutional-grade offerings in the crypto sphere, Coinbase Custody is, in fact, such an offering. The firm’s representatives stated that the company is insured, regulated and secure custodian. The thread also revealed some other details. It read:
“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. […] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”
Lastly, the tweet also notes that since cryptocurrencies mature as an asset class financial hubs such as London are becoming centres for crypto innovation. During an on-stage discussion at Consensus in mid-May, the CEO of Coinbase, Brian Armstrong, CEO of Coinbase, said that its custody service had already received $1 billion in assets under management.
As was reported earlier in March, the United States Securities and Exchange Commission is soliciting industry input as it potentially reconsiders existing custody rules in specific cases of digital asset trading and settlement. In April, Hong Kong trading and asset management firm BC Group announced that it is launching an insured custody service for cryptocurrencies.