Coinbase’s CEO Announces $1 Billion In Crypto Being Managed By Custodial Service

Coinbase's CEO Announces $1 Billion In Crypto Being Managed By Custodial Service Coinbase Custody has had 70 institutions sign up for their service. Coinbase Pro's trading volume is predominantly generated by institutions. The Coinbase Custody exchange service only launched about 12 months ago, but it has already had plenty of success. According to CEO Brian Armstrong, the service already has $1 billion in assets under management (AUM). During the Consensus 2019 event, Armstrong spoke at an on-stage discussion when he was asked by Paul Viga, the moderator of the panel and a reporter for the Wall Street Journal, about institutional involvement in cryptocurrency. Armstrong stated that the custodial platform, was launched a year ago, and they've already had 70 institutions sign up with them. There's $150 million AUM being added each month, which Armstrong considers a success. However, Armstrong was quick to note that the institutions are not just around to leave their funds sitting idly