Brian Armstrong: Coinbase Custody Has $1 Billion of Crypto Under Management

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During an on-stage discussion at Consensus, Brian Armstrong, CEO of major United States cryptocurrency exchange Coinbase, said that its custody service has already received $1 billion in crypto under management.

Panel moderator and Wall Street Journal reporter Paul Vigna asked Armstrong about the perspectives of institutional investments in the crypto industry.

In response, the Coinbase CEO provided an example of his own company, noting that Coinbase Custody managed to get $1 billion in assets under management in just 12 months after its launch.

Armstrong believes that investments in the sphere will grow rapidly, as institutions want their funds to be active while in custody.

The Coinbase CEO stated that institutions want their funds to stake, vote and do governance on-chain.

As for the most popular asset among the institutional investors, Armstrong thinks that bitcoin is still at the top of the list.

The interest in other coins is growing too, which is why Coinbase currently provides 30 altcoins for institutions, he noted.

Finally, Armstrong mentioned that Coinbase Pro - an upgraded trading platform for advanced users - currently has more than 60% of its trading volume coming from institutions.

As Cointelegraph previously reported, Coinbase officially launched its custody for institutional investors last July.

Coinbase expanded the trade of USD Coin to customers in 85 jurisdictions.