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Coinbase Launches Custody International, Targets Europe

Coinbase has launched Coinbase Custody International, a crypto custody venture targeted towards institutional investors in the larger European market.

The new custody business will be based in Dublin, Ireland, Coinbase said in a blog release published Wednesday.

According to the exchange, the international business is in response to increased customer demand for crypto custody from European investors. Europe offers one of Coinbase’s fastest-growing markets for institutional-grade crypto products.

Coinbase Custody has since 2018 provided crypto custodian services to a growing client base in the UK, Switzerland, Germany, Finland, and the Netherlands. But the company believes that this new office allows it to offer more to the clients.

“[…] our dedicated presence in Europe will allow us to offer these services in a completely localized way,” Coinbase wrote in the blog post.

The exchange also wants to use the regional office to offer services that are compliant to local laws. As per the press release, this should see clients “benefit from greater legal and regulatory clarity.”

Coinbase Custody International will also offer “staking“, the exchange said. The platform also plans to add new features and to support more assets.

Coinbase Custody

Coinbase Custody launched in 2017and was targeted at institutional investors, including family offices and hedge funds. The goal was to help these big-money investors get into cryptocurrency investment by offering them secure crypto storage.

According to a company spokesman, the value of assets under custody (AUC) held by Coinbase Custody has increased to $8 billion. Comparatively, assets under custody were worth $7 billion in November 2019. The growth follows Coinbase’s acquisition of Xapo’s institutional business in August 2019.

Coinbase Custody International in Dublin isn’t Coinbase’s only office in the Irish capital. In 2018, the U.S.-based exchange opened its Dublin office. In October 2019, it received an e-money license from Ireland’s financial regulator.


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