Coinbase Custody Targets $10 Billion in Institutional Funds for Bitcoin Investment

Coinbase CEO Brian Armstrong officially introduced Coinbase Custody, a platform targeted at institutional investors. The new product is intended to be ultra-secure:

According to Armstrong, Coinbase currently holds $9 billion in user funds in various cryptocurrencies including Bitcoin. Coinbase Custody is exclusively for institutional investors with at least $10 mln on deposit. There is a $100,000 initial setup fee and a fee of 10 basis points per month on all deposits stored on the Coinbase Custody platform.