Coinbase has finally revealed that is has officially launched Coinbase Custody for institutional investors.
Written by Sam McIngvale, product lead at Coinbase Custody, the announcement revealed that Coinbase Custody received its first deposit last week prior to its official launch on July 2.
“Over the coming weeks, we’ll continue on-boarding a set of world-class clients that includes leading crypto hedge funds, exchanges, and ICO teams.”
Over the past few days, the cryptocurrency market has seen an entry of new cash. Based on Coinbase’s announcement, it is safe to claim that institutional on-boarding started last week, and the team is actively on-boarding new institutions presently.
In the past day, Bitcoin (BTC) has benefited a 4.50 percent increase in price and much higher trading volume. The price of Bitcoin presently is at $6,620.86 on Coinbase.
Bitcoin’s trading volume has increased at the time of writing. Remarkably, this is about the same period US equities exchanges opened. Global equities have shifted toward more bearish sentiment as trade tensions have increased.
Other plans such as the companies plan to increase business was also included in the Coinbase Custody announcement.
Coinbase Custody is only accessible for institutions in the United States and Europe, yet the company hopes to expand the service in Asia “before the end of this year.”
The announcement also confirms the Coinbase’s earlier statements that they wish to open up trading on more coins and tokens. Although no other projects were revealed, the will “offer regular updates.”
Further integration of hot-wallets and governance alternatives for institutions was also cited.
Given that this is the first of its kind software and launch for institutional investors, it signals an interesting testing period to await developments and listen to these clients’ feedback.