Coinbase buys Xapo Custody for $55 Million
Coinbase has officially acquired the custody business of Xapo for $55 million and as a result now has over $7 billion in assets under management according to a source that spoke to Fortune. According to Xapo CEO Wences Casares the sale will allow Xapo to focus on its core business, a retail exchange for buying and selling bitcoin ($BTC). The deal was first reported by Axios and The Block back in May but sensitivity over transferring client assets and deciding who would take ownership of Xapo's famous underground Swiss vault delayed closing. One of Xapo's largest clients, Grayscale Investments, was the first to move assets to Coinbase with a $2.7 billion transfer in early August.
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