Coinbase Custody has completed an acquisition of Xapo’s institutional businesses. In just over one year since launch, Coinbase Custody has grown to over US$7bn in assets under custody (AUC) stored on behalf of more than 120 clients in 14 different countries.

The company states that its goal has been to build the trusted foundation for institutional investment in Bitcoin (BTC) and crypto assets in general. Xapo has been a pioneer in the storage of crypto assets, creating security techniques that have kept their customers’ cryptocurrency safe since 2014. Xapo was founded with the mission of making Bitcoin more secure and accessible. Coinbase says it will extend Xapo’s legacy.

Through the acquisition of Xapo’s institutional businesses, Coinbase says it is the world’s largest and most trusted steward of digital assets. In addition to custody, the company says it is exploring new ways to monetise and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties.

Coinbase serves a wide spectrum of institutional clients including hedge funds, family offices, endowments and proprietary trading desks as they decide to onboard crypto. Its institutional range of products provides a seamless and compliant ecosystem for clients to trade, store and interact with their crypto. The suite combines access to the world’s largest pool of regulated, verified crypto liquidity through Coinbase Pro with APIs and a high-touch coverage team. Paired with access to our global OTC trading desk and Coinbase Custody’s secure and insured storage platform, the company says it delivers the trust, security, and performance needed by investors to trade with confidence.