Coinbase to Buy Xapo's Custody Service
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May 17, 2019

Popular U.S.-based crypto exchange Coinbase plans to acquire Xapo's custody service, The Block reports citing sources.

Apparently, the companies are still negotiating. If the parts eventually reach an agreement, the transaction could reach as much as $50 million.

According to sources, Fidelity Investments, one of the world's largest asset management services, has also been trying to acquire the custody service over the last weeks.

Fidelity recently launched the test version of its own crypto platform.

Xapo is specialized in Bitcoin storage. The company's wallets are reported to store around 700,000 Bitcoins. According to some reports, the custody service stores about 7% of all existing Bitcoins.

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