Coinbase Rolls Out Crypto Custody Product for Institutions

Cryptocurrency exchange Coinbase announced Tuesday it is formally launching Coinbase Custody, a product aimed at aiding institutional cryptocurrency adoption.

First announced last year, Coinbase Custody is a crypto storage service directed specifically at large financial institutions, as previously reported by CoinDesk. At the time, the exchange said users would have to pay a $100,000 set-up fee and keep a minimum of $10 million in deposits. Further, there is a minimum monthly fee based on the assets stored.

“We have leveraged our experience safely storing more than $20 billion of cryptocurrency to create Coinbase Custody, the most secure crypto storage solution available,” the firm said today.

The product is part of suite of institutional products being launched, according to a press release. Coinbase explained why it chose to launch the product in the current environment, saying:

“We have leveraged our experience safely storing more than $20 billion of cryptocurrency to create Coinbase Custody, the most secure crypto storage solution available,” the firm said today.