Coinbase Custody Collected $150 Million USD In Digital Assets A Month According To Coinbase CEO
Coinbase Custody has so far raised a total of $1 billion in assets from institutions and retail investors according to Coinbase Inc. CEO, Brian Armstrong.
Coinbase Custody In Brief
- The company currently has over 25 million customers across the world.
- The custodial service holds assets for 70 institutions across the world.
- Institutions contribute to over 60% of the total assets under management.
Brian Armstrong: “Coinbase Custody surpasses the $1 billion USD mark in AUM”
The announcement came at the final day of Consensus 2019 while Brian Armstrong revealed the company was receiving over $150 million USD in digital assets per month to manage. He further confirmed that over 70 institutions across the world have “banked” their cryptocurrency with them since a year ago when the company started off. This has seen the total amount of assets under management of Coinbase Custody surpass the $1 billion USD mark according to their CEO, Brian Armstrong.
Brian Armstrong, CEO at Coinbase Inc. speaking at Consensus 2019, New York (Image: Coindesk)
The company is aiming to add more assets to its custodial service in the future as well as expand its horizons beyond the current available geographical locations. With an aim to surpass the $20 billion USD target in assets under management (AUM), Coinbase Custody has expanded its reach beyond the U.S and Europe as 11 more countries were added to the platform including Peru, South Korea, India, and Hong Kong among others.
More On Coinbase Custody
Coinbase Custody is an independent third party custodian registered under the New York State Banking Law. The company is responsible for holding digital assets in trust for their retail clients and institutions as well. The developments of Coinbase Custody since the start of the year have been remarkable as the custodial service saw an upgrade of technical changes, segregated cold storage wallets and the addition of 30+ cryptocurrencies to its service.
Bitcoin, Ethereum, Litecoin and Bitcoin Cash were the earliest additions to the platform and have since been joined by popular cryptocurrencies such as Ripple (XRP), Augur (REP), ZCash (ZEC) and Tezos (XTZ).
Coinbase Custody is currently holding digital assets worth over a billion dollars with 60% of the funds coming from institutional investment. The platform is however only taking up big clients at the moment with the institutional investment minimum deposit set at $10 million USD. The fees are not any cheaper as a signing on fee of $100,000 USD is required and a further 10 basis points in monthly fees.
The company is focusing on increasing the number of retail investment in the firm in the future.