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Coinbase in advanced talks to acquire Xapo: sources

by Larry Cermak

May 16, 2019, 2:00PM EDT  ·  2 min read

Quick Take

  • Coinbase is in advanced talks to buy custody provider Xapo for ~$50 million plus an earn-out in order to boost its custody business, sources tell The Block
  • Coinbase has been locked in a neck-and-neck race with Fidelity Digital Assets for the prized asset for the past few weeks
  • Xapo is said to have nearly $5.5 billion in assets, or 700K bitcoin, under custody
  • Xapo is led by CEO Wences Cesares, a serial entrepreneur from Argentina who has been a leading champion of bitcoin from its earliest days

by Larry Cermak

May 16, 2019, 2:00PM EDT  ·  2 min read

Regulated U.S.-based cryptocurrency exchange Coinbase is in advanced talks to buy custody provider Xapo for about $50 million to boost its custody business, people familiar with the matter said on Thursday. Xapo’s CEO Wences Cesares is a serial entrepreneur from Argentina known to be one of the biggest champions of bitcoin from its earliest days.