Coinbase Custody Hits New High with Acquisition of Xapo Institutional Business
The development is the next step in plans by Coinbase to provide cryptocurrency ‘staking’, whereby customers can utilize their cryptocurrency as a means to lend money that is backed by trusted third-party organizations. The move also means customers are able to lend cryptocurrency in a regulated, secure and trusted environment.
Earlier this year, Coinbase announced plans to expand its services to include cryptocurrency debit and ATM cards, which would allow customers to spend and withdraw funds in various European nations. Initially, the cards would be supported in Spain, Germany, France, Italy, Ireland, and the Netherlands, following on from a successful launch of the cards in the UK.
Coinbase Custody has been making waves in the cryptocurrency sector this year, recently appointing two major additions to the board of its trust company. Richard Neiman and Robert Easton, two long-time financial experts with decades of experience in banking, financial services, and public policy, were appointed positions to assist with regulatory issues in the state of New York.