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  • Coinbase completes the acquisition of Xapo institutional business.
  • Coinbase custody stores the assets belong to 120 clients in more than 14 countries.

Coinbase Custody, the custody arm of the leading cryptocurrency exchange in the United States Coinbase has announced the acquisition of the institutional business of Xapo. The acquired Xapo custody business prides in having $7 billion of assets under its control. The acquisition has elevated the firm to become the largest custody provider in the world.

“Today, we are announcing that Coinbase Custody has completed an acquisition of Xapo’s institutional businesses. This acquisition caps off a tremendous period of growth and innovation for Coinbase Custody.”

Coinbase said that its custody services have become the most popular in the world. Moreover, it is essentially the most trusted platform for institutional investors. Coinbase custody stores the assets belong to 120 clients in more than 14 countries.

Read more:  Bitcoin price analysis: It will take a catalyst to pull BTC/USD out of $9,500 – $10,000 range

Xapo on the other hand, “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.” Coinbase intends to continue Xapo’s mission by bringing it closer to achieving the legacy set during its inception.

While welcoming Xapo’s customers to Coinbase, the company wrote via a blog post:

“It’s with huge pride that we welcome Xapo’s Institutional customers to Coinbase. Their legacy, knowledge and experience will help to make our mission of creating an open financial system for the world a reality.”