Coinbase Custody is Now Open For Business
As of today, Coinbase Custody, a week after accepting its first deposit, has announced that they are officially open for business. The company’s aim customer base is established financial institutions, hedge funds, etc and is now live.
Companies and customers that want to use Coinbase Custody to store cryptocurrency assets have to make a minimum of $10 million USD in cryptocurrency.
In their first announcement, the company specified that all clients wanting to avail their services will have to pay $100,000 USD as a set up fee and 10 basis fee which will be decided based on the amount of cryptocurrency that is being stored.
Features of the Coinbase Custody
Coinbase, a pioneer in the cryptocurrency field, is now bringing its customers a variety of new services with respect to the storage. Here are the features:
- On-chain segregation
- Split and offline private keys
- Multiple layered security
- Cold storage, auditing and reporting
Coinbase, as an exchange, works out of San Francisco and controls a very large chunk of the cryptocurrency market and had added a new feather in their cap with their storage service.
Right now, Coinbase Custody services can currently only be availed by customers and financial institutions in the US and Europe, but the official announcement says that the company aims to offer services to Asia by the end of the year.
Currently, Coinbase Custody supports storage of BTC, ETH, BCH and LTC. However, they are waiting licensing in order to be able to support storage of other cryptocurrencies too. They also are expected to build a hot wallet soon.
The company was officially released and launched in May this year. They announced that they were working on a partnership with a SEC-regulated broker-dealer and that they were working on various other partnerships with financial institutions. Now two months later and one week after having accepted their first deposit, Coinbase Custody is, officially, open for business.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.