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tify">Earlier this month, the popular cryptocurrency exchange known as Coinbase, announced a new digital asset storage service for institutional investors and high net individuals. This new service by the exchange was given the name of Coinbase Custody and the announcement was made via the exchange’s twitter page as well as its official blog. The tweet announcing the service can be seen below:
Coinbase Custody is officially open for business, providing secure storage of crypto assets for institutions in both the US and Europe. Before the end of the year, we hope to bring this offering to Asia as well. https://t.co/KDtMQ5TT3B
— Coinbase (
) July 2, 2018
https://platform.twitter.com/widgets.js
tify">It is with this background that news has surfaced of the Custody service attracting a major hedge fund that is valued at over $20 Billion. According to Business Insider and CCN.com, the name of the hedge fund has not been disclosed by the unnamed sources who provided the information. The team at Coinbase is also planning on securing more hedge funds to sing up for the Coinbase Custody storage service. Coinbase has also been reported of planning to offer margin finance as early as by the end of the year. tify">Greenwich Associates’ consultant Richard Johnson, had this to say about the future of Coinbase:tify">Coinbase is pursuing a lot of different initiatives that make sense and take it closer to or are more similar to traditional finance: custody, financing, lending, security tokens, and the institutional portal. They have the resources to fund them and will surely have some successes.tify">After the release of the Coinbase Custody service, Crypto ICO Report had done its own analysis on the possible outcomes of Institutional Investors and high net individuals getting into cryptocurrency investing due to the secure storage available at Coinbase. tify">Three possible scenarios on the future of the Crypto-markets were explored:
- The Coinbase Custody service becomes a gateway for the institutional investors and high net individuals to get into crypto. This means that the anticipated ‘big money’ from Wallstreet will finally make it into the crypto-markets
- All the digital assets that Coinbase currently supports (BTC, ETH, ETC, LTC and BCH) will probably skyrocket in value leading to a possible overall crypto bull run as the one witnessed last December into January this year
- Coinbase probably is gunning for a banking or brokerage license by aligning itself to the regulation of SEC by listing only what has been given the go ahead by the government authority
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
The post Coinbase Custody Service Secures Major Institutional Investor Worth $20 Billion appeared first on Crypto ICO Report.
Posted from my blog with SteemPress : https://cryptoicoreport.com/coinbase-custody-service-secures-major-institutional-investor-worth-20-billion-crypto-ico-report/