Last week, the CEO of Coinbase Custody, Sam McIngvale visited the UK to discuss the crypto economy.
McIngvale shared that Coinbase Custody already holds $1.3billion in assets under custody (AUC). The company however, has no intention of stopping just there. All expectations point to reaching $2billion AUC very soon.
1/ Last week Coinbase Custody CEO @sammcingvale and Coinbase CISO @SecurityGuyPhil visited the UK to discuss the institutional cryptoeconomy with a range of prospects and clients. pic.twitter.com/gA5nu9NWUR
— Coinbase Custody (@CoinbaseCustody) June 13, 2019
The chain-post of the Coinbase Custody account, gave more details about the visit to the UK and the discussed topics. Coinbase Custody representatives tried to disprove the claims that institutional-grade offerings don’t exist in the crypto sphere. Company representatives argued that Coinbase Custody is in fact such an offering because it is a well-regulated, strongly-insured and very secure custodian.
Coinbase Custody thinks global
The last part of the post discussed the future of Coinbase Custody and the crypto sphere in general. The post stated that Coinbase Custody is currently servicing over 90 clients, 40% of which are outside the United States.
It was noted that crypto is still a relatively new and maturing asset class. The company stated that financial hubs like London are slowly, but surely, becoming crypto innovation centers.
Coinbase Custody is definitely a game changer. If the $2billion goal is really reached in the near future, the sky’s the limit for the next ten.
Last year, G4S a UK security services company began offering crypto custody services. When the G4S announcement was delivered, a lot of people were surprised because the bear market was slowly beginning to settle in.
Last year, the crypto sector had already lost a huge amount of funds due to the market and the countless attacks on crypto exchanges. So, despite a lot of experts being surprised at G4S’s decision, the services were definitely appreciated.
Crypto custody services will definitely grow from this point on. As the market grows, many new trading and asset management firms will try and start their own crypto custody services.
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