Coinbase recorded a new performance on November 3, 2017 with 100,000 registered users in 24 hours. The platform is the world leader in cryptographic currency sales and already serves as a wallet for almost 10% of Bitcoin holders around the world. The company wants to expand by launching a premium digital asset storage service for its large customers.
Coinbase the world leader in Bitcoin
Coinbase plans to offer an exclusive custody service for its customers with more than $ 10 million worth of cryptocurrencies. The service called Coinbase Custody will significantly increase the holdings of the US platform, which already holds more than $ 9 billion of cryptographic assets in its portfolios.
https://t.co/HaH8udz7Sa
Coinbase Custody a service for big customers
This new product will be mainly aimed at institutional investors interested in cryptocurrencies. Coinbase Custody will allow large customers in the cryptographic world to securely store their cryptocurrency holdings.
"Coinbase is in a good position to launch this product. We are already saving billions of dollars in digital assets on behalf of our clients. We serve hundreds of institutions via GDAX, the main cryptocurrency exchange in the US (...) We raised $ 216 million from investment firms and financial institutions such as NYSE / ICE, USAA, BBVA, Westpac and MUFG. We also have about 200 highly qualified employees working between our three offices in New York, London and San Fransisco. With Coinbase Custody, our goal is to drastically accelerate the flow of institutional money invested in digital currencies in the years to come. , Co-founder and CEO of Coinbase, Brian Armstrong
Although the Coinbase site currently only sells Bitcoin, Litecoin and Ethereum, its digital safe could contain a wide variety of cryptocurrencies.
$ 100,000 digital safe
Coinbase also plans to offer with this new service a dedicated customer support with maximum cybersecurity. The price of the service seems somewhat excessive, indeed the company requires a setup fee of $ 100,000 plus a monthly fee representing 0.1% of assets held. This project is reminiscent of the XAPO wallet, which also offers a digital safe located in the Swiss fixtures for the cold storage of digital assets.
This new service is clearly intended for investment professionals. It is still important to secure your cryptocurrency as an individual, but delegating this task to a third party goes against even the ideology of cryptocurrency and leads to risk taking. We prefer to store our cryptocurrency in cold storage, on a ledger wallet for example.