Safely investing in and storing digital currency isn’t exactly easy, especially if you’re a large institutional firm. So to help, Coinbase just announced that they’re launching a service called Coinbase Custody, which will securely hold digital assets for institutional investors.
The service will only be available to funds willing to store $10 million or more of digital currency with Coinbase, and will have a $100,000 initial set up fee along with a storage fee of 10 basis points (.10 percent) per month.
In return, institutional investors will get features like the ability to have multiple signers, audit trails and withdraw limits. They’ll also get dedicated account representatives (with phone support) and, in some cases, the option to insure their holdings.
It’s a move that could finally help accelerate Wall Street’s entry into the world of digital currency investing.
Storing bitcoin securely is infinitely more complicated (and scary) than holding traditional…