Coinbase Custody receiving $200-400M per week in new crypto deposits from institutions, says Armstrong
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Coinbase CEO Brian Armstrong has said that the exchange’s custody unit has been receiving $200-400 million per week in new cryptocurrency deposits from institutional customers.
The CEO made the comments on Twitter on Friday, hours after Coinbase confirmed its acquisition of rival Xapo’s institutional custody business for $55 million.
“Trusted/safe infrastructure for institutions is just one small step on the journey to building the [crypto economy],” Armstrong added.
Coinbase-Xapo deal was first reported by The Block back in May. Now that the deal has been confirmed, Coinbase said it has over $7 billion in digital assets under its custody at present.
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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.
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