$1.3B are kept on Coinbase in Assets Under Custody

• The US-based exchange revealed stats on its custody service.
• The company wants to establish ties with London-based financial institutions.

According to the latest information, Coinbase Custody contains assets worth of $1.3 billion (assets under custody, AUC). The news was revealed in a series of Twitter posts published by Coinbase at the end of the previous week.

The CEO of the largest cryptocurrency exchange in the US, Sam McIngvale, and chief information security officer, Philip Martin, visited the United Kingdom to discuss the prospects of crypto economy with potential institutional customers. They talked about the institutional landscape in Europe and tried to dispel some misconceptions about cryptocurrencies.

"There's a narrative out there that institutional-grade services don't exist in crypto. This isn't true. Coinbase Custody is a regulated, insured and secure custodian. We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there," - the company's Twitter says.

Currently, Coinbase Custody has over 90 clients, with about 40% of them outside the US. The company believes it is necessary to build strong ties with big financial hubs like London that has the potential to become a center of innovations. Coinbase wants to participate and be one of the companies that drive the process.  

Speaking about security, they mentioned:

"We really built our security by drawing on a range of different technologies and systems. We're always adapting, that is what gives us this strong security foundation."