Service Coinbase Custody that is designed to store digital assets of institutional investors, received the first funds.
Recall the first time Coinbase said about the idea to create a new service in November last year. Its target audience was identified for large corporate entities that can invest in cryptocurrencies at least $10 million While the customer had to pay the service $100 000 initial fee and then $10 every month. As reported, the product is designed specifically for institutional investors concerned about the security of digital assets. According to company representatives, the lack of reliable store — the only thing that bothered organizations to Deposit funds in the cryptocurrency market.
First means Coinbase took Custody last week, however, the official beginning of the service was announced only yesterday, 2 July. Now services are available to all potential customers in the US and Europe, and by the end of 2018, the exchange expects to reach the audience in Asia. It is reported that Coinbase Custody already stored digital assets worth more than $20 billion.
Formal release of the product Coinbase Custody took place in may, and in the beginning of the year, the company began to take active steps to obtain a license from us regulators. In particular, held a meeting in the Office of controller of currency (OCC), where he discussed the possibility of acquiring a banking license. This license would allow financial institutions more willing to cooperate with the exchange.
The company also referred to the Commission on securities and exchange Commission (SEC) and the regulatory authority financial industry (FINRA) to obtain a license for broker-dealers, trading systems, alternative exchange, and registered investment Advisor. In early June, Coinbase shared that their work in these directions is progressing well. If all ends successfully, the company will be able to expand its range of services: start trading scriptactive that meet the definition of securities and to create new market products.
Interestingly, the exchange’s management deals not only with commercial projects. Recently the head of Coinbase Brian Armstrong (Brian Armstrong) spoke about the establishment of a charitable non-profit organization GiveCrypto.org that will take donations for the needy in the cryptocurrency. Two days after launch, the organization received $3.5 million, and her next goal is to make $1 billion in donations in two years.
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