Coinbase is expanding its institutional custody business via the launch of a new unit based in Ireland, the cryptocurrency exchange announced on Wednesday.
Coinbase launched Coinbase Custody in 2017 to serve institutional investors like hedge funds and family offices. Since launch, its assets under management have surpassed $7 billion in cryptocurrency assets, thanks in part to its acquisition of Xapo's institutional custody business.
The new unit, dubbed Coinbase Custody International, will be based in Dublin, Ireland, according to a press release.
To be sure, Coinbase Custody has to date been servicing the European market, including clients in the UK, Switzerland, Germany, and the Netherlands. The point of the international launch is to better meet the needs of clients based in the region.
"By offering our services from the same region in which our clients are located, it’s our goal that they will benefit from greater legal and regulatory clarity," the company said.
To that end, the firm could support more assets and staking services for more assets outside of Tezos, a company spokesperson noted.
The expansion into Europe follows a similar move in December 2019 by its rival Fidelity Digital Assets, which offers custody services for bitcoin.