Coinbase Courts Hedge Funds With Institutional Storage Service

Cryptocurrency wallet and exchange startup Coinbase is launching a new storage service aimed specifically at institutional investors.

Coinbase Custody, CEO Brian Armstrong wrote in a new blog post published today, is aimed at those who have a minimum of $10 million in deposits. In order to utilize the service, users would need to pay the initial $100,000 set-up fee, along with a 10 basis point fee per-month on the coins stored within the system (although these prices could change over time, Coinbase added).

The idea, according to the company, is to appeal to an institutional audience that harbors concerns over the security of wholly digitized assets.

Armstrong wrote: […]

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