Coinbase announced on Thursday the extension of its custody business in Europe with the formation of a new local entity – Coinbase Custody International.
Based in Dublin, the new entity will focus on institutional clients like hedge funds and family offices across the European countries.
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Established as a crypto exchange, Coinbase launched its custody services in 2017, and since its asset under custody has surpassed $7 billion. The figure was reported last August after its acquisition of Xapo’s institutional business for $55 million.
Coinbase Custody was already offering its services to European clients based in countries including the United Kingdom, Switzerland, Germany, Finland, and the Netherlands.
Per the official announcement, the local entity will help in streamlining the offerings of the services of the platform on the continent.
“Europe is our fastest growing geographic segment and our international launch is a direct result of client demand,” the exchange stated. “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.”
In addition to offering institutional custody services, all staking activity performed by Coinbase will transition to Coinbase Custody International.
After becoming a leading fiat-based exchange in the United States, Coinbase’s focus is now on the European markets. Though its non-United States headquarter is based in London, the exchange is also strengthening its presence in Ireland, making it the hub for its European operations.
To fulfill its European ambitions, the exchange also received an e-money license in Ireland last October, allowing it to offer financial services across Europe.
Meanwhile, the exchange is also focusing on obtaining patents in different areas of digital asset transactions. Last year, it gained the patents for an artificial intelligence-based compliance system, while its CEO won a patent for transferring Bitcoins using email addresses.