Today, we are announcing that Coinbase Custody has completed an acquisition of Xapo’s institutional businesses. This acquisition caps off a tremendous period of growth and innovation for Coinbase Custody. In just over one year since launch, Coinbase Custody has grown to over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, making it the largest, most globally recognized and most trusted institutional custodian in the world. From the start, our goal has been to build the trusted foundation for institutional investment in Bitcoin (BTC) and crypto assets in general. We’re thrilled to help enable some of the tremendous demand for this emerging asset class.

Xapo has long been a pioneer in the storage of crypto assets, leading the industry in the creation of security techniques that have kept their customers’ cryptocurrency safe since 2014. Xapo was founded with the mission of making Bitcoin more secure and accessible. Coinbase will extend Xapo’s legacy and bring it yet another step closer to achieving its mission.

Since 2012, Coinbase has served as the world’s onramp to Bitcoin and many other cryptocurrencies. Through our consumer products, Coinbase has helped more people experience their first crypto transactions than any other company. Like Xapo, we share the goal of making Bitcoin and other cryptocurrencies accessible in a way that’s secure, safe and compliant with local laws. Through the acquisition of Xapo’s institutional businesses, we’re now proud to act not only as the gateway for millions of people to cryptocurrency, but also as the world’s largest and most trusted steward of digital assets. Xapo has been a tremendous flagbearer for Bitcoin and the economic equality it can offer to billions across the globe. We’re honored to carry this flag onward.

Looking forward, our focus will stay on our clients. We work every day to provide them true peace-of-mind in knowing that their assets are safe and accessible. In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties.

Coinbase is committed to serving a wide spectrum of institutional clients including hedge funds, family offices, endowments and proprietary trading desks as they decide to onboard crypto. Our institutional range of products provides a seamless, powerful and compliant ecosystem for our clients to trade, store and interact with their crypto. The suite combines access to the world’s largest pool of regulated, verified crypto liquidity through Coinbase Pro with high performance APIs and a high-touch coverage team. Paired with access to our global OTC trading desk and Coinbase Custody’s highly secure and insured storage platform, Coinbase delivers the trust, security, and performance needed by investors to trade with confidence.

It’s with huge pride that we welcome Xapo’s Institutional customers to Coinbase. Their legacy, knowledge and experience will help to make our mission of creating an open financial system for the world a reality.

About Xapo: Xapo is a New York DFS-regulated entity (NY Bitlicense holder) and a Gibraltar-licensed E-money institution, that offers a multi-currency digital wallet and card that operates in the global market. Their mission is to give users from all over the world the ability to send, receive, spend and store their money, globally and safely. Their team value proposition ‘Impact Globally, Work Remotely’ is represented by a workforce of over 250 team members, who are globally distributed across more than 50 countries.

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