Home News Exchange Coinbase Custody Expects to Hold $2 Billion Soon

Coinbase Custody Expects to Hold $2 Billion Soon

June 18, 2019 10:54
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Coinbase Custody launch
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Recently, Coinbase Custody Chief Executive Officer (CEO) Sam McIngvale and Coinbase Chief Information Security Officer (CISO) Philip Martin, visited the United Kingdom, to discuss “the institutional cryptoeconomy with a range of prospects and clients.”

The duo discussed the European institutional landscape, the path to crypto becoming a mature, investable asset class and some misconceptions that exist about cryptocurrency.

They were quoted as saying, “There’s a narrative out there that institutional-grade services don’t exist in crypto. This isn’t true. Coinbase Custody is a regulated, insured and secure custodian. We have $1.3bn Assets Under Custody (AUC) and expect to hit $2bn soon. We have no intention of stopping there.”

Discussing security, Martin said, “We really built our security by drawing on a range of different technologies and systems. We’re always adapting, that is what gives us this strong security foundation.”

Last year, in October, the New York State Department of Financial Services (DFS) had approved the license application for Coinbase Custody Trust Company LLC, a Coinbase subsidiary to operate as a limited purpose trust company.

At the time, Asiff Hirji, President and COO of Coinbase had said, “Since 2014, the New York Department of Financial Services has proven itself to be a strong advocate in its support for the responsible growth of the cryptocurrency industry. Superintendent Vullo has shown to guide the responsible growth of the cryptocurrency ecosystem and look forward to working with their offices in the future.”

Superintendent Vullo of DFS had said, “New York continues to be a leader in creating, fostering, and responsibly regulating a financial services marketplace that promotes innovation, safeguards the industry and protects consumers through strong supervision. Today’s approval further demonstrates that the state regulatory system is the best arena in which to responsibly supervise the growing fintech industry within a sound and compliant framework.”

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