Coinbase's New Custody Service Is Now Live

Coinbase's institutional product has begun accepting deposits, the exchange announced Monday.

Coinbase Custody, aimed at institutional hedge funds and other clients who can deposit a minimum of $10 million, accepted its first deposit last week, the company announced on Twitter. Now, the new service is live for all customers.

The exchange currently holds more than $20 billion in crypto assets, it also said Monday - a number the company hopes Custody will help raise by another $10 billion.

First announced in November 2017, Coinbase Custody's clients will pay $100,000 as a set-up fee and a 10 basis point fee-per-month on the assets being held, as previously reported by CoinDesk.

The product was formally launched in May, when the firm further explained its plans to work with a U.S. Securities and Exchange Commission-regulated broker-dealer. The exchange went one step further earlier last month, when it announced it was in the process of acquiring a broker-dealer license, an alternative trading system license and an investment advisor license.

Should the licenses be approved, Coinbase will be able to begin offering securities on top of its current products.

At present, Coinbase Custody is open to clients in the U.S. and Europe. While no firm timeline was announced, the exchange said it hopes to open up to clients in Asia by the end of 2018.

Safety deposit box image via Shutterstock