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Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets

Coinbase Custody Holds $1.3B In Assets Under Custody, Expects To Hit $2B ‘Soon’. Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets

Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets

Coinbase Custody revealed that it holds $1.3 billion in assets under custody (AUC) and the firm expects to hit $2 billion AUC soon in a Twitter thread published on June 13.

In a series of tweets, what is evidently the official Coinbase Custody Twitter account reported that last week the company’s CEO, Sam McIngvale, and its chief information security officer, Philip Martin, visited the United Kingdom. The purpose of the visit was reportedly “to discuss the institutional cryptoeconomy with a range of prospects and clients.”

During the meeting, the firm’s representatives argued that, while many believe that there are no institutional-grade offerings in the cryptocurrency space, Coinbase Custody is in fact such an offering. The firm’s representatives stated that the company is insured, regulated and secure custodian. The thread also specifies:

“We have $1.3bn AUC and expect to hit $2bn soon. We have no intention of stopping there. […] Coinbase Custody services over 90 clients. Of those, approximately 40% are outside of the US.”

Lastly, the tweet also claims that — as cryptocurrencies mature as an asset class — financial hubs such as London are becoming centers for crypto innovation.

During an on-stage discussion at Consensus in mid-May, Brian Armstrong, CEO of Coinbase, said that its custody service had already received $1 billion in assets under management.

As Cointelegraph reported in March, the United States Securities and Exchange Commission is soliciting industry input as it potentially reconsiders existing custody rules in specific cases of digital asset trading and settlement.

In April, Hong Kong trading and asset management firm BC Group announced that it is launching an insured custody service for cryptocurrencies.

Bitcoin Surpasses 1 Million Daily Active Addresses

Bitcoin just passed an interesting milestone today, one we haven’t seen since November 27, 2017. According to CoinMetrics.io, there are now over a million daily active addresses, a number that is defined as the number of unique “from” or “to” addresses used per day

Kevin Rooke noticed the move and Tweeted:

When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.

Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.

While DAA doesn’t mean much in practice, it’s an important metric in that it shows actual, unique transfers separate from the various direct transfers to and from bigger exchanges. The fact that there are over a million unique addresses transacting on the blockchain is, as they say, good for bitcoin.

Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets

When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.

Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.

To put this number in perspective, however, we can point to Uber’s estimated 14 million rides per day or the estimated 798,877 iPhones a day Apple sold in 2017. While these are Apples to oranges comparisons, it is interesting to note that bitcoin is doing the transaction volume of some of the biggest brands in the world. Bitcoin Exceeds 1Mil. Daily, Bitcoin Exceeds 1Mil. Daily, Bitcoin Exceeds 1Mil. Daily

 

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