#CryptoCorner: Coinbase Acquires Xapo Custody Businesses, Binance to Continue U.S. Expansion “In a Month or Two” and Market Downtrend Not Likely Caused by PlusToken Sell-Offs According to TokenAnalyst
Point Roberts, WA, Delta BC August 16, 2019 - Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.’s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip bring you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Crypto exchange giant Coinbase has acquired the custody business of crypto firm Xapo, according to an official blog post today. This brings Coinbase Custody’s Assets Under Custody (AUC) to over $7 billion USD stored on behalf of more than 120 clients in 14 different countries. Fortune reports that Coinbase paid $55 million for Xapo’s institutional businesses, leaving the latter with control of its crypto exchange business still. An excerpt from the blog post describes Xapo:
Xapo has long been a pioneer in the storage of crypto assets, leading the industry in the creation of security techniques that have kept their customers’ cryptocurrency safe since 2014. Xapo was founded with the mission of making Bitcoin more secure and accessible. Coinbase will extend Xapo’s legacy and bring it yet another step closer to achieving its mission.
Following the announcement, Coinbase co-founder and CEO Brian Armstrong tweeted about the growing institutional interest seen by the company in the past year:
“Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it's safe to say we now know the answer. We're seeing $200-400M a week in new crypto deposits come in from institutional customers.”
In an interview with Cheddar, Binance CEO Changpeng Zhao (CZ) revealed that the Malta-based crypto exchange will be continuing with its U.S. launch in the coming months.
"There are a lot of things in flux, but I would say [we'll launch] in a month or two.”
CZ also spoke about the difficulties of navigating different countries’ regulations and the significance of the U.S. market.
"The U.S. historically has made very clear regulations, so we hope that will clear up. At the same time, some early adopters in this space will be better rewarded. There are uncertainties in the regulatory space, but we're willing to try."
"The U.S. has always been a very important market; globally it's one of the biggest markets for any business, including in cryptocurrency. We want to be fully compliant. Before we didn't feel we had the experience to do that but now we have our partners so we want to take this opportunity to explore the market."
Bloomberg reports that the recent downtrend in the crypto market was not likely caused by the PlusToken scam and its consequent sell-off dumps that was discussed in yesterday’s Crypto Corner. Sid Shekhar, co-founder of London-based TokenAnalyst, told Bloomberg:
“It doesn’t look like any of these addresses are exchange owned. So that was enlightening. We’ll keep an eye on this to see if they do move the 100s of millions into exchanges at some point."
Sam Mowers, Investorideas
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