Coinbase Strengthens Crypto Custodian Empire with XapoBusiness Acquisition

Coinbase

Coinbase has risen to become the largest cryptocurrency custodian, with the acquisition of Xapo’s institutional business. Immediate reports indicate that the US crypto exchange paid $ 55 million for the assets in question. The exchange also reportedly beat investment giant Fidelity that was also in the running for the Xapo business.

The acquisition comes at a time when Coinbase’s custodian business has grown to over $ 7 billion in assets under custody. Coinbase currently services over 120 clients distributed in over 14 countries. Following the acquisition, a number of Xapo’s clients have already moved their crypto assets to …

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