Digital currency wallet and exchange startup company Coinbase has announced the launch of a new company to help institutional investors securely store digital assets - Coinbase Custody, CoinTelegraph reported.
Coinbase Chief Executive Officer (CEO) Brian Armstrong said in a blog post that “the service aims to satisfy the need of investors of a trusted digital asset custodian for the secure storage of their funds.”
He also claimed that the entry of institutional investors in the cryptocurrency market will facilitate the mainstream adoption of digital currencies.
"When we speak with these institutions, they tell us that the number one thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely. This is why I’m excited to announce Coinbase Custody. The next step to accelerating the world’s adoption of digital currencies is to unlock the institutional money preparing to enter the space," he said.
To use the service, a customer needs to pay the initial set-up fee of $100,000, along with a 10 basis point fee per month on the coins stored in the system.
The new storage service will not be immediately available to customers. It announced that access to the service will be gradually offered to interested customers in 2018.