#CryptoCorner: Coinbase Acquires Xapo Custody Businesses, Binance to Continue U.S. Expansion “In a Month or Two” and Market Downtrend Not Likely Caused by PlusToken Sell-Offs According to TokenAnalyst
#CryptoCorner: Coinbase Acquires Xapo Custody Businesses,
Binance to Continue U.S. Expansion “In a Month or Two” and Market Downtrend Not
Likely Caused by PlusToken Sell-Offs According to TokenAnalyst
Point Roberts, WA, Delta BC August 16, 2019
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Crypto exchange
giant Coinbase has acquired the custody business of crypto firm Xapo, according
to an official blog
post
today. This brings Coinbase Custody’s Assets Under Custody (AUC) to over $7
billion USD stored on behalf of more than 120 clients in 14 different
countries. Fortune reports that
Coinbase paid $55 million for Xapo’s institutional businesses, leaving the
latter with control of its crypto exchange business still. An excerpt from the
blog post describes Xapo:
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.
Following the
announcement, Coinbase co-founder and CEO Brian Armstrong tweeted about the growing
institutional interest seen by the company in the past year:
“Whether institutions were going to adopt crypto or not
was an open question about 12 months ago. I think it's safe to say we now know
the answer. We're seeing $200-400M a week in new crypto deposits come in from
institutional customers.”
In an interview
with Cheddar, Binance CEO
Changpeng Zhao (CZ) revealed that the Malta-based crypto exchange will be
continuing with its U.S. launch in the coming months.
"There are a lot of things in flux, but I would
say [we'll launch] in a month or two.”
CZ also spoke about
the difficulties of navigating different countries’ regulations and the
significance of the U.S. market.
"The U.S. historically has made very clear
regulations, so we hope that will clear up. At the same time, some early
adopters in this space will be better rewarded. There are uncertainties in the
regulatory space, but we're willing to try."
"The U.S. has always been a very important market;
globally it's one of the biggest markets for any business, including in
cryptocurrency. We want to be fully compliant. Before we didn't feel we had the
experience to do that but now we have our partners so we want to take this
opportunity to explore the market."
Bloomberg reports that the
recent downtrend in the crypto market was not likely caused by the PlusToken
scam and its consequent sell-off dumps that was discussed in yesterday’s Crypto Corner. Sid Shekhar, co-founder of
London-based TokenAnalyst, told Bloomberg:
“It doesn’t look like any of these addresses are
exchange owned. So that was enlightening. We’ll keep an eye on this to see if
they do move the 100s of millions into exchanges at some point."
Sam Mowers,
Investorideas
Read other editions of the
Crypto Corner
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