Coinbase's institutional product is officially open for business and has begun accepting deposits, the exchange announced on Monday.
The exchange’s new Coinbase Custody service, aimed at institutional hedge funds and other clients who can deposit a minimum of $10 million, accepted its first deposit last week, the company announced on Twitter.
Coinbase Custody’s mission is to make digital currency investment accessible to every eligible financial institution and hedge fund in the world.
The company currently holds more than $20 billion in crypto assets and hopes to bring in another $10 billion with Custody. The new service is now live for all customers.
The product was formally launched in May when Coinbase further discussed its plans to work with a U.S. Securities and Exchange Commission-regulated broker-dealer. Coinbase Custody builds on this expertise to offer a brand new, independent solution for institutional customers.