{"id":19549,"date":"2019-08-16T15:54:32","date_gmt":"2019-08-16T15:54:32","guid":{"rendered":"http:\/\/ci027cfe7f60002697"},"modified":"2019-08-16T15:54:32","modified_gmt":"2019-08-16T15:54:32","slug":"coinbase-acquires-xapos-custody-arm-for-55-million","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/coinbase-acquires-xapos-custody-arm-for-55-million","title":{"rendered":"Coinbase Acquires Xapo’s Custody Arm for $55 Million"},"content":{"rendered":"
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Cryptocurrency exchange Coinbase has completed the acquisition of Xapo’s custody business in a deal reportedly worth $55 million. Coinbase announced<\/a> this acquisition on August 15, 2019, noting that the acquisition will help prop up Coinbase Custody, which has over $7 billion worth of assets stored for more than 120 clients. <\/p>\n

Xapo is a Hong Kong-based company that provides bitcoin cold wallet storage services. As of May 2019, it had close to $10 billion worth of bitcoin stored in underground vaults, according<\/a> to Bloomberg<\/em>.<\/p>\n

Fortune<\/em> reported<\/a> that the exchange had some stern competition from crypto asset management firm Fidelity in its bid for Xapo\u2019s institutional businesses, but ultimately it was able to edge out the competition.<\/p>\n

The Fortune<\/em> report also included a quote from Coinbase Chief Executive Sam McIngvale, who revealed the company’s intention to expand into the cryptocurrency lending business. He added that it would be looking to help investors earn a profit on bitcoin lending, and that the Xapo deal could be significant in bringing that mission to life.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition adds to Coinbase\u2019s growing custody business, which stores over $7 billion in assets.<\/p>\n","protected":false},"author":3435,"featured_media":19550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[1462,190,302,1660],"class_list":{"0":"post-19549","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-acquisition","9":"tag-coinbase","10":"tag-custody","11":"tag-xapo"},"author_data":{"id":3435,"name":"Jimmy Aki","nicename":"jimmy-aki","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/jimmy-aki-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/coinbase-acquires-xapos-custody-arm.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3435"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=19549"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19549\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/19550"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=19549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=19549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=19549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}