Published on July 20th, 2018 | by bitcoin0
Coinbase acquires $20 Billion Hedge Fund thorugh Prime Services
Major U.S. crypto wallet and exchange Coinbase has reportedly secured a $20 billion hedge fund for its custody service, Business Insider reports July 19.
Coinbase launched “Coinbase Custody,” its digital assets custodian solution for large institutional investors, on July 2.
The new service is notably secured through an independent broker, Electronic Transaction Clearing (ETC), that operates in compliance with the U.S. Securities and Exchange Commission (SEC).
People familiar with the matter told Business Insider that Coinbase had both secured the unnamed $20 billion hedge fund and is also seeking partnerships with other large hedge funds.
Earlier this week, Coinbase retracted its previous statement that it had obtained the SEC’s permission to list tokens considered as securities for trading.