The custodial arm of the popular US cryptocurrency exchange, Coinbase Custody, now manages more than $1 billion USD worth of digital assets. The latest cryptocurrency news show the numbers in detail – first emerging after a panel discussion at Consensus during the New York Blockchain Week.
While speaking at the panel, the CEO of Coinbase Brian Armstrong announced Coinbase Custody and its new milestone, stating:
“We’ve just crossed $1 billion assets under management [and] 70 institutions have signed up, adding about $150 million assets under management a month. So to a large degree that has been a success.”
The custody platform is now entering its second year as the crypto economy appears to be heading to the next bull cycle. Meanwhile, Bitcoin (BTC) is up 62% on the month and Ethereum (ETH) is similarly up 65% in the same way. The Coinbase Custody milestone is therefore coming in important times and during bullish conditions.
As the altcoin news show, the returns could be even higher a year from now – and there could be a lot more investments in Coinbase Custody accordingly. The platform is evidently heading in this direction.
Back in March this year, Coinbase Custody launched a staking service that would allow its clientele to stake Tezos (XTZ) at first – with more coins to follow. The coming altcoin news at the time showed that Coinbase was moving to launch a governance service as well and allow customers to use their MKR tokens if the Maker ecosystem governance votes.
Regarding the letter, Coinbase recently partnered with the Maker Foundation in auditing the Maker Voting Contract, where a critical bug was discovered that could have led to voters losing their MKR tokens permanently. However, it is safe to conclude that Coinbase Custody is heading towards a governance service which could be the next step for the company and crypto exchange.
This has been a busy month for Coinbase. Aside from the launch of Coinbase Custody, the exchange also announced that it had greenlighted XRP trading for residents of the state of New York – a topic which was picked up by many best cryptocurrency news sites and spread like wildfire in the crypto news.
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