Coinbase Custody has acquired Xapo's institutional business to become the world's largest crypto custodian for assets in custody.
The main cryptocurrency exchange Coinbase announced the news in an article published on the company's blog on August 15. The news follows the rapid growth of the custody wing of Coinbase, which only two months ago reported assets in custody (AUC) valued at USD 1.3 billion.
According to the announcement, the new acquisition puts the AUC of Coinbase Custody at USD 7,000 million.