Coinbase to ‘Store 5% of all the BTC in the World’ Following Xapo Deal

[BLXN]

Major American cryptocurrency exchange and wallet Coinbase has bought the custody interests of Xapo, a company famous for stashing its rich clients’ crypto holdings in a secret Swiss former military bunker, located underneath a mountain.

Coinbase paid USD 55 million for the deal, and – per a company blog post – now has a whopping USD 7 billion worth of cryptocurrencies under its custodial management.

Per a report from Fortune, the move is part of “an aggressive push by Coinbase to expand its custody services,” and could result in Coinbase “storing over 5% of all Bitcoins in circulation.” The media outlet also says that Coinbase found itself dragged into a bidding war for the Xapo custodial interests, and was forced to outbid American investment services company Fidelity.

Coinbase said that it now stores cryptocurrency “on behalf of more than 120 clients in 14 different countries, making it the largest <...> institutional custodian in the world.”

 

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The future is looking pretty centralized, guys. :s

[CntryBoy]

Very interesting news and this is the first I've heard about it.  What is also interesting is the fact that a company like Fidelity was in on the bidding war...

[Enzo]

That's a huge amount of money...Out of the major exchanges though, This is the one I would have assumed would hold a huge portion of crypto.

They've blown up in the last 2-3 years it's crazy. Never heard of Xapo though.

[djonox]

now we can say that coinbase is the largest crypto stock

[StoneDragon]

Thats super good news, since i trust coinbase, lets hope coinbase go bigger and they add maybe even in future stake opiton right now i know that only other exchange can store and stake they coin, not normal people, so yeah i thinks its good news to hear:).

[wngo123]

Quote

a company famous for stashing its rich clients’ crypto holdings in a secret Swiss former military bunker, located underneath a mountain.

If I had a lot of crypto I wouldn't give it to anyone and would keep it myself. Why would I give it away to some company , I don't care if they have a bunker underneath a mountain lol, I would build a bunker myself under my house. Don't trust anyone. 

[elmoram]

On 8/21/2019 at 10:29 PM, BLXN said:

Major American cryptocurrency exchange and wallet Coinbase has bought the custody interests of Xapo, a company famous for stashing its rich clients’ crypto holdings in a secret Swiss former military bunker, located underneath a mountain.

Coinbase paid USD 55 million for the deal, and – per a company blog post – now has a whopping USD 7 billion worth of cryptocurrencies under its custodial management.

Per a report from Fortune, the move is part of “an aggressive push by Coinbase to expand its custody services,” and could result in Coinbase “storing over 5% of all Bitcoins in circulation.” The media outlet also says that Coinbase found itself dragged into a bidding war for the Xapo custodial interests, and was forced to outbid American investment services company Fidelity.

Coinbase said that it now stores cryptocurrency “on behalf of more than 120 clients in 14 different countries, making it the largest <...> institutional custodian in the world.”

 

__________

The future is looking pretty centralized, guys. :s

wow this is a wise company, what will happen if it close and run all the deposit crypto, wow owner is real rich man. do you know who own xapo?

[SLFJ]

On 8/22/2019 at 1:48 AM, CntryBoy said:

Very interesting news and this is the first I've heard about it.  What is also interesting is the fact that a company like Fidelity was in on the bidding war...

Definitely lmao, never would think of that.

[petikemas]

good and interesting news, I was a user of the Xapo wallet because of the low cost and fast transaction, maybe with the acquisition of the coinbase the cost level will also change following the policies on the coinbase, I hope I hope not ..

[chillhouse]

On 22/8/2019 at 05:48, CntryBoy said:

Tin tức rất thú vị và đây là lần đầu tiên tôi nghe về nó. Điều thú vị là một công ty như Fidelity đã tham gia vào cuộc chiến đấu thầu ...

I find it hard to think about that

[coldjaxx]

CoinBase is now rightfully considered a giant. But time will tell. Maybe Binance will buy something💰

[groza]

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