Coinbase Custody Officially Launched

New service is available for institutional and other market participants who can afford to invest in cryptocurrency more than $ 10 million.
03 July 2018   484

The largest American cryptocurrency company Coinbase began to take funds from a wide range of institutional investors from the US and the EU. This is reported in the company's blog.

Coinbase Custody service is available for institutional and other market participants who can afford to invest in cryptocurrency more than $ 10 million.

According to representatives of the Californian company, the first deposit on the Coinbase Custody platform was made last week. Now the service is available for all market participants.

Also representatives of Coinbase note that at present the company operates crypto assets for a total of $ 20 billion. The company hopes that the Coinbase Custody platform will attract an additional $ 10 billion to the market.

As crypto continues its maturation as an asset class and more institutions enter the space, Coinbase is committed to delivering products and services that are tailored to their unique needs. Coinbase Custody delivers the trusted storage service that our clients need to fully immerse themselves in the potential that crypto assets provide. We look forward to delivering more offerings over the coming months.
 

Sam McIngvale

Product Lead, Coinbase Custody

By now, cryptocurrency investments through the Coinbase Custody platform are available for customers from the US and the EU. However, by the end of this year the company plans to expand its expansion into the Asian market.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   95

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.