Coinbase Introduces Cryptocurrency Custody Services

Coinbase, one of the biggest US-based exchanges, has announced a major breakthrough in their service offer: they have started a cryptocurrency custody service, known as Coinbase Custody, mostly for business and institutions that have invested or plan to invest in cryptocurrencies, and need a reliable and secure provider of storage for their crypto assets. This was announced earlier today, via an announcement through their blog on Medium.
Coinbase has been one of the most innovative brands in the cryptocurrency market, bringing easy ways of buying and trading cryptocurrencies just under the same company. Its push for the enterprise market became obvious when they acquired several enterprises earlier this year and applied to be an SEC-registered brokerage, to be able to offer sell and trade of more advanced financial instruments.
But now, Coinbase has gone a step further by offering a new and guaranteed custody service to institutional customers, paving the way for new businesses and enterprises to invest in crypto knowing that their assets are secure and guaranteed through the Coinbase Brand.
But what does custody mean when talking about cryptocurrencies? When we talk about gold or any physical goods, we refer to vaults or any other physical conditioned place that has all the security measures taken to keep those goods secure. Coinbase has announced that they are using a cold storage, off-chain custody system, where private keys are split and there are audits and reports running all day to let customers know if their funds are secure or not.
The lack of a true secure custody system like this was one of the reasons why most cryptocurrency institutions would not dare to invest into the cryptocurrency market; so this announcement could mark the start of a new breath of fresh air into the cryptosphere.
Coinbase has announced that they are already offering these services for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, for clients in America and Europe.

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