Coinbase Custody With $1 Billion Cryptoassets Under Management

Brian Armstrong, CEO of major the U.S. crypto exchange Coinbase, said that its custody service has already received $1 billion in cryptoassets under management (cAUM) in the first 12 months after its launch early 2018. 70 institutions signed up to the service during that period. Armstrong believes that investments in the crypto sphere will grow rapidly.

Coinbase’s Custody has been available in the U.S. and Europe since 2018 but the company expanded its reach recently to 11 Latin American, Asian, South America, India, Hong Kong, South Korea, Indonesia, the Philippines, and New Zealand.

Coinbase Custody became the first full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto in the US. Currently, Coinbase Custody supports more than 30 cryptoassets including popular cryptos like Bitcoin (BTC), Ether (ETH), Augur (REP), ZCash (ZEC) and Tezos (XTZ), but also smaller-cap projects like FOAM (FOAM), Kin (KIN) and Maker Dai (MKR).

Regulated Fiduciary

Coinbase Custody operates as a standalone, independently-capitalized business in the Coinbase group. It acts as a fiduciary under NY State Banking Law. All digital assets are segregated and held in trust for the clients. Coinbase said previously it aims to have up to $20 billion in regulated custody assets for clients including retail investors. Currently, 60 percent of Coinbase’s trading volume is originated from institutions.

The Coinbase group claims over 25 million global customers and is ranked as the largest crypto trading in the US.

The Future of Forex Retail

Cryptoassets are believed to be the ground for the next generation of Forex retail products. Unfortunately, however, many of the binary options scammers already morphed into the crypto space in 2017 defrauding retail investors. It needs trusted and regulated players like Coinbase to support the sustainable development of the crypto retail market.