Coinbase Adds 10 Customers for Its New Crypto Custody Service
Coinbase Inc., one of the world’s largest cryptocurrency exchanges, said 10 hedge funds and family offices have begun using the custody service it debuted last week that seeks to safeguard digital tokens in a manner similar to traditional securities. The company aims to have 100 large institutional customers by the end of the year with as much as $5 billion in assets under management. The company is taking on clients with a minimum of $10 million, and charges a $100,000 setup fee and 10 basis points in monthly fees. Coinbase currently offers investors the ability to buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.