Xapo becomes part of Coinbase

Posted 16 August, 2019

On August 15, Coinbase, the largest US digital asset exchange, announced the acquisition of the Xapo institutional service, making the company the world's largest cryptocurrency custodian.

Solving the problem of reliable and secure storage of cryptocurrency assets is one of the priority tasks for the new financial industry. Therefore, the acquisition of a reputable Xapo business for $55 million brings Coinbase to a new level, with higher standards for storing funds for its customers.

In partnership with Xapo, Coinbase cryptocurrency exchange has faced a competitor in the face of investment giant Fidelity and has become more authoritative. As a result, the innovative Coinbase Custody platform, launched just a year ago, becomes a custodian of assets worth about $7 billion from more than 120 institutional clients from 14 countries.

Talking about the prospects of the platform, Coinbase Custody CEO Sam McIngvale announced his intention to enter the cryptocurrency lending market:

"In choosing Coinbase, we are confident that the Institutional Custody Business is going to a company that can provide great insurance, borrowing and investment alternatives.

Currently, most Xapo customers have decided to continue working with Coinbase. Thus, most of the assets held in Xapo can go to Coinbase Custody, and this is more than 514,000 bitcoins worth $5.3 billion. In this case, the total amount on the custody platform of Coinbase will exceed $8 billion, which corresponds to 860 thousand bitcoins.

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16 August, 2019 13:53

← Binance to return to US market in two months

Binance Exchange is going to start servicing crypto-fiat trading on the American market within two months. This was announced by the CEO of the trading platform Changpen Zhao.

Binance to return to US market in two months

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16 August, 2019 12:07

US dollar stays positive at week end →

The US dollar stays generally positive vs the majors at the Friday session. The euro decreased against the greenback to some $1.1083, while yesterday's rate was near $1.1107. The US dollar gained grounds in the pair with the Japanese yen. The exchange rate reached 106.27 (106.12 earlier).

US dollar stays positive at week end
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