Coinbase Launches Custody Service, Plans for Asia Release
Coinbase Custody is officially open for business, providing secure storage of crypto assets for institutions in both the US and Europe. Before the end of the year, we hope to bring this offering to Asia as well. https://t.co/KDtMQ5TT3B
— Coinbase (@coinbase) July 2, 2018
Coinbase Custody is a cold storage platform for cryptocurrency assets, as well as an institutional-grade broker-dealer and reporting service. The service features a number of elements, including on-chain segregation of crypto assets and split, offline private keys that “require a quorum of geographically distributed agents to use cryptographic hardware to sign transactions”
In the announcement, the Coinbase team states that the custody service received its first deposit last week and today is officially open for business. The company also states that it plans on rolling out new features in the coming months to build on its launch, including an expanded number of supported assets and more access flexibility.
Coinbase has been steadily rolling out products for institutional investors over the last few months as the company prepares to pursue banking and brokerage licenses to become a fully regulated securities firm.
Last month, Coinbase announced that its index fund is now open for investments of $250,000 to $20,000,000 shortly after unveiling that Ethereum Classic (ETC) would be the next cryptocurrency added to its trading platform and other various investment products. Coinbase has confirmed that Ethereum Classic will be included in the new index fund after a rebalancing event.