U.S biggest Cryptocurrency exchange Coinbase announced that it has officially opened a custodial for institutional investors.
Custodial service means institutional investors from both the US and Europe can now store their crypto assets with Coinbase Custody, which currently supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). The company says it plans to continue adding support for more assets, as well as to open its service to Asian institutional market.
Coinbase Custody is a combination of Coinbase’s battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program,” Sam McIngvale, Product Lead at Coinbase Custody stated.
The Cryptocurrency market are known to be hit with frequent theft. Indeed, exchange desks and wallet services frequently get hacked. Regulated custodian services like Coinbase Custody can go a long way in instilling faith of investors in the safety of their investments.