Sam McIngvale, CEO of Coinbase Custody and Philip Martin, in a recent visit to the UK revealed that the platform already has $1.3 billion assets under custody [AUC] and expects to touch $2 billion soon. The platform’s Twitter handle tweeted about the event soon after, with Coinbase Custody referring to some common misconceptions that exist in the ecosystem, tweeting,
“There’s a narrative out there that institutional-grade services don’t exist in crypto. This isn’t true. Coinbase Custody is a regulated, insured and secure custodian. We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there.”
The Coinbase Custody executives also discussed institutional crypto-economy in the region, their take on security and Coinbase’s expansion plans ahead. In a series of tweets, Coinbase Custody quoted,
“We really built our security by drawing on a range of different technologies and systems. We’re always adapting, that is what gives us this strong security foundation.”
The executives also revealed that Coinbase Custody provides services to over 90 clients, nearly 40% of whom are outside the US. Coinbase Custody recently extended its reach beyond the U.S and across 11 Latin American, Asian, and overseas territories. They further touched upon the platform’s near-term goals and hinted at diversification plans in London.
“As crypto matures as an asset class, we see financial hubs like London becoming centers for crypto innovation. We’re excited to be one of the companies driving this.”
Brian Armstrong, CEO of Coinbase, had previously commented that approximately 70 institutions had hopped on to the custody service platform that made its debut last year to secure digital assets.
The CEO had also revealed an infusion of $1 billion assets under management [AUM], after 70 institutions signed up and added nearly $150 million AUM per month. Coinbase Custody has since scaled significantly and according to Armstrong, the space would grow rapidly as institutional activity increases.
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