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.”
3/ “There’s a narrative out there that institutional-grade services don’t exist in crypto. This isn’t true. Coinbase Custody is a regulated, insured and secure custodian. We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there.”
— Coinbase Custody (@CoinbaseCustody) June 13, 2019
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.