Crypto Custody: Adoption Shortcut or Blockchain Purists’ Nightmare?

24 Aug 2019

Crypto Custody: Adoption Shortcut or Blockchain Purists’ Nightmare?

Crypto Custody: Adoption Shortcut or Blockchain Purists’ Nightmare? The major digital asset services platform Coinbase has recently announced the long-anticipated completion of a deal that has been in progress since at least May: the acquisition of Xapo’s institutional business. The move projects Coinbase Custody to the status of the world’s largest institutional digital asset custodian, securing more than $7 billion on behalf of over 120 clients globally. According to some estimates, Coinbase could now be holding over 5% of all Bitcoin in circulation.Xapo, founded by early crypto evangelist Wences Casares and reported to be stashing cryptocurrency in secure vaults hidden in the Swiss Alps, has stated that the decision was prompted by the need to focus on the firm’s core retail exchange business.

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