Coinbase Depot Service Manages $ 1 Billion | BTC-ECHO
Twelve months after the launch of its depositary, Coinbase reveals the current total assets of its assets under management (AUM). Coinbase CEO Brian Armstrong commented on the status of the vault on May 15 during a panel discussion at Consensus 2019:
We (…) recently cracked the $ 1 billion mark on AUM. 70 institutions are registered, with an increase of 150 million US dollars per month. So that's largely a success.
Coinbase founded the Custody Service in March 2018. Its principle is based on investors entrusting their money to the company. Coinbase then invests it at its own discretion. The index is based on the market capitalization of the individual crypto currencies. The service is aimed at investors with a turnover of at least $ 200,000 or a net worth of at least one billion US dollars.
According to Coinbase, the goal of launching a depot was "to enable large investors to participate in the crypto-ecosystem."
Major investors want mobility
Armstrong also commented on the specific interests of its major customers. They want to see their money moving while in the depot. This also includes opportunities for on-chain governance. On-chain governance is when modifications to the blockchain protocol are allowed in the form of updates. Corresponding developments sees Coinbase CEO Armstrong increase in the future. The multiple options for participation in decision-making and self-governance are, according to Armstrong, the reason that large-scale investments based on blockchain will become more popular in the future.
Bitcoin continues favorite
Bitcoin remains the preferred currency for the institutions involved. At the same time, interest in other cryptocurrencies is growing. Currently, Coinbase offers its wholesale financial services in 30 cryptocurrencies.
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