Coinbase finally launches its planned Coinbase Custody solution

15 May 2018

Coinbase Coinbase made an announcement of the launch of its promised Coinbase Custody service designed to promote the adoption of the cryptocurrencies on an institutional scale. The platform was first unveiled last year and at that time Coinbase noted that the members should pay $100,000 as a set-up fee and keep at least $10 million in deposits. Additional payments include minimum monthly fees depending on the type of assets.

In the press release the exchange further added that the platform is launched within the framework of its institutional solutions suite, and explained its move saying that given rapidly growing interest in the cryptocurrency on the part of institutional-level players with over 100 hedge funds already established for making investment in and trading the cryptocurrencies, Coinbase sees it proper to create an institutional grade solution and service. Its platform has been developed in joint efforts with leading institutions.

Coinbase Custody will be closely working with the broker-dealer, regulated by the U.S. Securities and Exchange Commission, ensuring the combination of Coinbase’s expertise in the cryptocurrency security and third-party auditing and financial reporting validation.

The initiative is launched in partnership with 1confirmation, Autonomous Partners, Boost VC, MetaStable, Multicoin Capital, Polychain Capital, Scalar Capital and Walden Bridge Capital.

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