Coinbase acquires Xapo’s vault
Coinbase, one the largest cryptocurrency exchanges in the world, acquire one of the Xapo’s department, the one for securing the assets of its customers for $ 55 millions. The announcement came out at 15 August and Xapo Custidy will be a part of Coinbase Custody, a service with 120 customers, worth around $ 7 billions worldwide.
Xapo, a Hong Kong – based company, offers Bitcoin storing services in physical space. The total value of its vaults are up to $ 10 billions, stored in vaults in undisclosed areas.
The acquisition is an outcome of fierce competition in the crypto exchange industry as other companies, like Fidelity Financial Services, had made proposals for acquisition of Xapo’s vaults.
Over the next years, Coinbase want to expand its business to financial services, like bitcoin lending and transformed itself in a full financial institution.