Coinbase Custody acquired the institutional business of Xapo. This was announced by representatives of the exchange on the blog company. According to the announcement, the new acquisition raised Coinbase Custody's valuation to $ 7 billion.
Xapo is the largest cryptocurrency wallet service provider that has negotiated with Coinbase Custody to sell the business since mid-May of this year.
The announcement claims that Coinbase Custody now operates on behalf of more than 120 customers in 14 different countries. According to the blog post:
Our institutional product range provides a powerful and compatible ecosystem for our clients' activities related to trading, storing and interacting with their crypto assets.
Recall, in July, Coinbase CEOBrian Armstrong said at an AMA session that he hoped Coinbase would shift its focus from trade to wider adoption in the economy over the next five years.