Coinbase buys cryptocurrency storage service Xapo for $ 55 million

Coinbase buys cryptocurrency storage service Xapo for $ 55 million

Coinbase Acquires Digital Asset Storage Service Xapo Targeting Institutional Investors.

Taking into account the deposits transferred after the transaction, the company is now responsible for the security of crypto assets for more than $ 7 billion. Negotiations on the deal began in May, and the purchase eventually cost Coinbase $ 55 million after winning the auction over Fidelity..

Most of Xapo’s clients have already agreed to cooperate with the new owner, and now the exchange controls 514 thousand BTC, if the company convinces the remaining investors, it will look after 860 thousand BTC, which is about 4% of the total amount of mined bitcoins.

Coinbase buys cryptocurrency storage service Xapo for $ 55 million

Coinbase management plans to offer investors the opportunity to make money from the company’s future crypto business, for example, by providing loans in digital assets..

Xapo has not sold all of its business and will continue to operate an exchange and physical storage in Switzerland.

As a reminder, BitTorrent Creator Bram Cohen stated that Tron still has not fully paid for the purchase of the streaming platform, and is deliberately delaying the payment in an attempt to get the funds back from the escrow..

text: Ivan Malichenko, photo: biask, chart: Coinbase Custody

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