Last week, Coinbase Custody accepted its first deposit, and today the company proudly announced that it is open for business. The announcement was written in a blog post published today, July 2.

Product Lead Sam McIngvale writes in the post, “Over the coming weeks, we’ll continue on-boarding a set of world-class clients that includes leading crypto hedge funds, exchanges and ICO teams.”

Coinbase Custody is Coinbase’s first big move into expanding beyond a traditional cryptocurrency exchange since the company acquired licenses to become an SEC regulated brokerage dealer on June 6, 2018. Coinbase Custody aims to make digital currency investment accessible to every eligible financial institution and hedge fund in the world.

Coinbase Custody features a completely new cold storage system improving upon Coinbase’s preexisting cold storage model. This new cold storage system has reportedly undergone rigorous penetration testing and cryptographic design review, and Coinbase Custody has further plans of regular third-party examinations to ensure the platform’s ongoing security.

Coinbase Custody’s unique features include:

Coinbase Custody has a number of new features still currently under development. In addition to cold storage, Coinbase Custody will be adding secure, segregated, hot wallets with scheduled withdrawals for maximum flexibility. The blog post also briefly touched on implementing a proof of stake distributed governance system as a long-term project. However, no further details were given.

Coinbase Custody is currently open to US and European customers, and is aiming to expand into Asia by the end of the year. The company currently supports BTC, ETH, LTC and BCH, and is planning to be continually adding new assets with regular updates.

Coinbase is currently the largest cryptocurrency exchange opperating in the US. To date, the company holds more than $20 billion in crypto assets. While Coinbase continues to see massive growth, the company has been under some scrutiny as of late, after 134 pages of complaints made about the company to the SEC were published by Mashable. The complaints accused Coinbase of being overwhelmed and under-prepared for its unprecedented growth. However, the San Francisco based company appears undeterred in its attempts to reach the global market.

In an interview with CNBC in May, Coinbase vice president and general manager, Adam White, stated Coinbase aims to launch a series of products aimed at attracting large institutional investors. “We think this can unlock $10 billion of institutional investor money sitting on the sideline.”

The post Coinbase Custody Officially Open For Business, Seeking Institutional Investors appeared first on UNHASHED.

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