Custody

Coinbase Custody receiving $200-400M per week in new crypto deposits from institutions, says Armstrong

August 16, 2019, 5:25AM EDT

Coinbase CEO Brian Armstrong has said that the exchange’s custody unit has been receiving $200-400 million per week in new cryptocurrency deposits from institutional customers.

The CEO made the comments on Twitter on Friday, hours after Coinbase confirmed its acquisition of rival Xapo’s institutional custody business for $55 million.

“Trusted/safe infrastructure for institutions is just one small step on the journey to building the [crypto economy],” Armstrong added.

Coinbase-Xapo deal was first reported by The Block back in May. Now that the deal has been confirmed, Coinbase said it has over $7 billion in digital assets under its custody at present. 

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