Coinbase Becomes World’s Largest Crypto Custodian

Coinbase Becomes World’s Largest Crypto Custodian

Following the acquisition of Xapo, a bitcoin wallet and cold storage location, Coinbase Custody is now the world’s largest crypto custodian.

After the completion of the deal, Coinbase Custody officially surpassed $7 billion in assets, which saw them reach the highest volume of assets in the business. Officially making them the most popular choice for storing cryptocurrencies.

The deal became finalised today which made the news of this new title official. This achievement is made even more impressive by the fact that Coinbase Custody is little over one year old. With that massive number of assets achieved in just that small time. Highlighting the impeccable service which has made them such a trusted source for storage to 120 clients across 14 different countries.

Who is Xapo?

The deal that saw them reach the pinnacle of cryptocurrency storage was in fact, nearly half a decade older than Coinbase’s Custody service. Opening its doors back in 2014. Coinbase referred to the newly acquired firm, Xapo, as a “pioneer in the storage of crypto assets”.

The service was built with the purpose in mind to make bitcoin more accessible, which has so far been achieved. It is now Coinbase’s goal to further their already established ventures within their own business model. Stating they plan to extend the Xapo legacy and help achieve its core mission.

Of course, Coinbase still exceeds Xapo’s time in the business. With them operating as an exchange platform since way back in 2012. In this format, they shared the same goal as Xapo in making crypto more accessible. However, with Coinbase’s substantial reputation and reach, they can expand this much further

Within the blog post discussing their new title, Coinbase states, “we’re now proud to act not only as the gateway for millions of people to cryptocurrency, but also as the world’s largest and most trusted steward of digital assets. Xapo has been a tremendous flagbearer for Bitcoin and the economic equality it can offer to billions across the globe. We’re honored to carry this flag onward.”

The Future for Coinbase

Those with their ear to the ground in the cryptocurrency industry, know full well the steps that Coinbase are taking on a regular basis to further the agenda of the cryptocurrency industry. Notably, via their expansion of crypto cards in Europe.

They are now intent on building on what they have already cultivated within the industry. Their goal now is to look towards “staking, borrowing against crypto portfolios and lending crypto to trusted counterparties.” All of which are very much the flavour of the month in the crypto world. With these new ventures rife in the updates other exchange platforms are releasing.  

Alongside this, their clientele will remain as varied as ever. With them looking towards their institutional clients and further services, such as hedge funds and propriety trading.

Overall, this new acquisition and thus, establishing themselves as officially the largest crypto custodian, is just the latest benchmark in the Coinbase mission.

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