Last week, Coinbase’s Custody service launched and began accepting deposits from institutional investors. The Bloomberg report says that project has already provided services for 10 major hedge funds and family offices. The Coinbase Custody provides institutional investors with storage and protection of digital currencies in a manner similar to traditional securities.
Coinbase has set the goal to provide services to at least 100 institutional clients by the end of 2018. The product lead, Sam McIngvale, gave a statement to Bloomberg saying that as of current they are storing more than $20 billion in cryptocurrency assets for clients such as retail investors already.
At the present time, custodial services are available for Bitcoin, Litecoin, Ethereum and Bitcoin Cash, but the team is planning to expand their activities. They have also announced the negotiations with exchanges and startups that have released their own coins.