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Digital currency exchange Coinbase has announced that its custodial services are going global with the launch of Coinbase Custody International, a new entity is based in Dublin, Ireland.
In an online post detailing the launch, Coinbase said that Coinbase Custody International will offer "the same industry-leading crypto asset storage that has made Coinbase Custody the world’s leading and most trusted crypto custodian." In addition, all staking activity performed by Coinbase will transition to the new entity.
Coinbase, which received BitLicense back in January 2017, officially launched its custodian service for institutional investors in mid-2018. Since then, Coinbase Custody has served Europe-based clients in the UK, Switzerland, Germany, Finland, the Netherlands and more.
Coinbase Custody International aims to provide the broadest digital asset coverage of any institutional-grade custodian. The Dublin-based entity will allow Coinbase to offer custodial services to European customers in "a localized way, with local staff, localized service-level agreement (SLA) and in compliance with local laws."
The international launch is aimed at meeting the growing demands of investors in Europe and beyond, Coinbase said.
“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. Our growing and experienced staff in Dublin and London have enabled us to expand our SLAs to fully cover European-based clients. Our SLAs are in effect from 9am through 2am GMT (1am through 6pm PT), meaning our customers will benefit from almost round the clock support,” the announcement read.
“Over the coming months, we plan to support more assets and launch new features that will continue to demonstrate that Coinbase Custody is the most trusted and innovative place for institutions to store their crypto assets.”
Meanwhile, Coinbase offered nearly a $1 million settlement in a class-action lawsuit brought by the customers of the now-defunct Cryptsy cryptocurrency exchange. According to documents dated Nov. 27 and Dec. 10, 2019, Coinbase agreed to give $962,500 to an escrow agent handling the class action claims related to a previous case against Cryptsy.
