XYO, a geospatial cryptonetwork, announced on Tuesday that Coinbase Custody, a regulated, comprehensively-insured, and 100 percent offline custody provider in cryptocurrency, is now supporting XYO. Coinbase Custody is described as a combination of secure, market-proven cold storage capabilities for cryptocurrency assets, an institutional-grade broker-dealer and attending reporting services, and a comprehensive client coverage program.
“Coinbase Custody was developed around a simple thesis: that institutions need a regulated and trusted partner to help store their crypto assets. The approach has helped the service provider scale to more than 60 clients and $600 million in assets under custody. No other provider can match the organization’s track record of security and regulatory compliance, nor its comprehensive, best-in-class insurance coverage.”
XYO will join the ranks of the 21 othe cryptocurrency assets that are currently listed on Coinbase Custody, including Bitcoin, Civic, Ethereum, Litecoin, Maker, OmiseGO, Ripple, and Stellar. Sam McIngvale, Head of Product, Coinbase Custody, added:
“Coinbase Custody offers a best-in-class storage option for a range of crypto holders. Institutions, asset issuers, miners and individuals with large crypto holdings can all benefit from the regulated, insured and fully audited storage platform that Coinbase Custody brings to the table. We look forward to working with the XYO team and their ecosystem of investors and holders as the project continues toward its goal of creating the first geospatial blockchain network backed by cryptography.”