Coinbase Custody Has $1.3bn In Assets Under Custody

coinbase custody


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Many best cryptocurrency news sites came with shocking about – showing that the company around $1.3 in assets under custody (AUC). Moreover, the firm expects to hit $2 AUC very soon, as a Twitter thread published a few days ago noted.

The series of tweets from the official Coinbase Custody Twitter account reported that the company’s CEO, Sam McIngvale, along with the chief information security officer, Philip Martin, both visited the United Kingdom. The purpose of the visit, as the altcoin news show, was reportedly “a discussion on the institutional cryptoeconomy with a range of prospects and clients.”

During the meeting, the representatives from Coinbase Custody argued that while many believe that there are no institutional grade offerings in the cryptocurrency space, Coinbase Custody is in face one of those offerings. The firm’s representatives said that the company is insured, regulated and a secure custodian.

“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.”

The tweet also claims that – as cryptocurrencies mature and become an even more popular and dominant asset class- financial hubs such as the city of London are becoming centers for innovation.

Another tweet notes:

“1/ Last week Coinbase Custody CEO and Coinbase CISO visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients.”

A month ago, during one on-stage discussion at Consensus, the CEO of Coinbase Brian Armstrong said that custody service had already raked $1 billion in assets under management (AUM). Having that in mind and the latest cryptocurrency news showing that this number went to $1.3 billion – it is certain that the custodial branch of the exchange is soon going to hit the $2 billion mark.

Meanwhile, as we reported in March this year, the US Securities and Exchange Commission (SEC) is soliciting industry input as it potentially reconsiders the existing custody rules in specific cases of digital asset trading as well as settlement.

Aside from Coinbase Custody and its London presence, the Hong Kong-based trading and asset management firm BC Group also announced that it is launching an insured custody service for cryptocurrencies.

The post Coinbase Custody Has $1.3bn In Assets Under Custody appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Coinbase Custody Has .3bn In Assets Under Custody

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Coinbase Spreads its Crypto Card Across Six More European Countries

 

Coinbase crypto debit card

While the United States is taking time to hop on the train of contactless cards, the cryptocurrency exchange is focusing on spreading its wings far and wide, across several European countries. initially rolled out its crypto Visa card in April in the United Kingdom, and yesterday it announced the addition of 6 other European countries to the list.

The exchange which currently boasts a value of $8 is headquartered in California but has found home in a number of cities across several countries.

As of the time of compiling this article, Coinbase’s crypto Visa is acceptable at partnered stores and outlets in Italy, France, Netherlands, Spain, Ireland, and Germany. With the Coinbase crypto , consumers can now buy groceries with different crypto coins without having to use multiple cards or transfers. You could buy milk with Bitcoin and pay for bread with Litecoin. It is that simple and fun!

The aim of the card, according to Coinbase, is to make payment with crypto entirely seamless. And from the look of things, I would say they got it right this time. The crypto card is integrated with the app to allow any user with a Coinbase account to withdraw seamlessly from ATMs and pay for goods and services too. Besides local merchants, users can also use the card to pay for goods and services online.

This will be of great help to users who are struggling with crypto payments. In addition to that, users not have to worry whether an outlet accepts crypto coins or not as they can use the crypto card to change crypto to the respective fiat currency. You could literally all your shopping online and at local stores with the card.

The Crypto Card Allows Switching Between Different Cryptocurrencies

With the app, you also enjoy the option of switching between digital coins. All you’ve got to do is to select the cryptocurrency attached at the time of the payment. The app is designed to synchronize directly with all your Coinbase accounts. Therefore, you do not need to get multiple cards; one card can do it all. One card for Litecoin, Bitcoin, Ethereum, and lots more. Say you are low on cash on your Bitcoin account, you can simply choose to pay with your Litecoin funds without sweating it. Simple. Fast. Secure.

According to the CEO of Coinbase UK, Zeeshan Feroz, the Coinbase Card received a warm welcome. Although no actual figure was given, he stated that the company blew past the number of crypto cards offered for free at its launch in April – which was 1,000.


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