It’s hard to keep pace with the spate of stories surrounding institutional support for bitcoin right now. From futures contracts to bitcoin trading desks, big money is pouring into cryptocurrency. Coinbase have thrust their weight behind the growing movement, announcing a digital custody custodianship for institutions amidst a slew of similar global stories.
Big Money Gets a Big Vault
One of the biggest deterrents for institutional investors eyeing an entry into the bitcoin market is risk. Aside from risks that are inherent to the digital currency’s volatility, there’s the risk associated with holding the coins themselves. With billions of dollars at stake and no recourse should unauthorized parties make off with the funds, securing crypto assets is a major headache. Enter Coinbase.
In a blogpost published yesterday, CEO Brian Armstrong announced news of Coinbase Custody, a digital vault for institutional investors. This premium service is for the big boys only. Applicants will need at least $10 million in assets to get through the door and there’s a setup fee of $100,000. Small-time hodlers need not apply. Armstrong declared: […]