Coinbase has bought the service Xapo

Custodian Department of the largest cryptocurrency company Coinbase, the US has confirmed the purchase of the service Xapo. The deal is valued at $55 million

So, at the moment in storage Coinbase Custody placed digital assets at more than $7 billion from 120 institutional clients from 14 countries. This makes the company the largest institutional custodian in the industry.

According to media reports, most customers Xapo has agreed to the transfer of its assets in Coinbase — about 514 000 BTC, but some have not yet decided. If the company manages to convince the others in Custody Coinbase will be about 4% of the total emission of bitcoins.

It is noteworthy that the fight for customers Xapo recently joined and custodian BitGo, whose representatives promised institutionalism free 12-month custody services.

It should be emphasized that Xapo will retain control over the retail business and the bunker in Switzerland, and we are talking about buying institutional units.

Note that negotiations between the companies became known in may. Then the potential transaction is estimated at $50 million.

Startup Xapo was created in 2014 and became one of the first to offer a simple and convenient bitcoin wallets. Its founder Wences to Casares is credited with the popularization of bitcoin among top managers of Silicon valley.

The company also acquired derived from operation military bunker, dug into granite mountain near the East shore of lake Lucerne, where he placed one of the largest and most secure bitcoin storage. At some point on the servers Xapo in the bunker could be 7% of all existing bitcoins.

Note that the Coinbase Custody division operates more than one year, and in may the value of the assets in his stores reached $1 billion.

Previously, investment company Grayscale Investments announced the transfer of customer assets to $2.7 billion from Xapo to Coinbase Custody.


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