Coinbase, one of the world’s leading exchanges, has announced that they will be launching an institutional custody solution today, known as Coinbase Custody. They also said that they will be onboarding a “set of world-class clients that includes leading crypto hedge funds, exchanges and ICO teams.”
Their official blog post stated:
“Coinbase Custody’s mission is to make digital currency investment accessible to every eligible financial institution and hedge fund in the world. We’ll achieve this by striving to become the most trusted and easiest-to-use crypto custody service available.”
Coinbase Custody is comprised of Coinbase’s famous cold storage, Electronic Transaction Clearing [ETC] as a broker-dealer, and a client coverage program. ETC is registered with the SEC and is a member of Financial Regulatory Authority. The cold storage system in particular has undergone “rigorous penetration testing” and a cryptographic design review.
The solution offers features such as on-chain segregation of digital assets and offline private keys that are split so as to require a group of geographically distributed agents to use cryptographic hardware to sign transactions.
Coinbase plans to expand their services from the US and Europe to Asia by EOY 2018, as well as adding additional features in the near future. Primarily, they will add support for more assets than their existing line-up of Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and Bitcoin Cash [BCH].
They will also add the feature to access funds flexibly through segregated hot wallets and scheduled withdrawals. Interestingly, they also aim to add governance solutions such as proof of stake and distributed governance. They ended their post by stating:
“As crypto continues its maturation as an asset class and more institutions enter the space, Coinbase is committed to delivering products and services that are tailored to their unique needs. Coinbase Custody delivers the trusted storage service that our clients need to fully immerse themselves in the potential that crypto assets provide.”
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