Coinbase Custody Has $1.3bln in Assets Under Management, Forecasts $2 bln. Level Soon June 16, 2019 June 16, 2019 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 16, 2019 by Kelly Cromley

Coinbase Custody Has $1.3bln in Assets Under Management, Forecasts $2 bln. Level Soon

coinbaseThrough a tweet, Coinbase Custody disclosed that it has $1.3 billion worth assets under custody (AUC) and the company anticipates having $2 billion AUC soon.

Last week, through a series of tweets, Sam McIngvale, the company’s CEO, and Philip Martin, the chief information security officer, toured the UK. The aim of the visit was mainly to “discuss the institutional cryptoeconomy with a range of prospects and clients.”

The company’s executives, during the interaction, asserted that Coinbase Custody is an institutional level service, contradicting the opinion that institutional grade facilities are not yet available in the cryptocurrency sector.

The representatives further stated that the company is regulated, insured and act as a safe custodian.

One of the tweets also states:

“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.”

Finally, the tweet also asserts that as cryptos turn into an asset class, financial centers such as London are transforming into nerve center of crypto innovation.

In May, while having an interaction on-stage at Consensus, Brian Armstrong, CEO of Coinbase, disclosed that its custody facility already has more than $1 billion in assets under management.

In March, the US SEC (Securities and Exchange Commission) called for views of the industry as it is in the process of having a second look at the prevailing custody rules in particular cases of crypto asset trading and settlement. Back in April, Hong Kong trading and asset management firm BC Group revealed its plan to set up an insured custody facility for cryptos.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.