After the successful launch of Coinbase’s institutional investment platform, Coinbase Custody, the cryptocurrency exchange has revealed that it has added 10 new clients to its new platform.
The latest service was launched last week and is designed to help safeguard alt-currencies in a way that is quite similar to traditional securities.
A Detailed Look Into the Matter
As per a report on Bloomberg, Coinbase is quite optimistic about the launch of its latest service and hopes to have at least 100 established institutional clients by the end of this year.
Speaking with Coinbase representative, Sam McIngvale, he revealed that his company was already in possession of “more than $20 billion in crypto assets for clients such as retail investors.”
He also revealed that Coinbase had been continually talking with members of the SEC so as to ensure that the company was in complete financial compliance with the guidelines established by the US government.
“We sort of have an understanding with the SEC and Finra, and it allows us to execute contracts with clients and take the first deposits”
What is Coinbase Really Offering Here?
As things currently stand, Coinbase Custody is only available for use with established crypto assets such as Bitcoin, Ether, Litecoin and Bitcoin Cash. However, as time passes, the company plans on expanding its service range and incorporating other alt-assets.
It is also worth noting that the service is currently available only within the U.S and Europe but plans for expansion into the Asian market by the end of the year have already been initiated.
One of the first clients to have availed of the company’s latest offering is Polychain Capital, a hedge fund that has reportedly procured more than $1 billion in digital assets.
With many institutional players already availing of Coinbase’s latest offering, it seems as though the platform has started to grab the attention of the global financial sector.
After a financial lull that seems to have gripped the market for a majority of 2018, things certainly seem to be looking up for the crypto domain as a whole.
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