Cryptocurrency exchange Coinbase: purchase of service Xapo

Today the largest cryptocurrency exchange USA acquired custodial service company Xapo, the cost was 55 million USD. Worth noting that initially the price ranged from 45 to 50 million USD.


Benefits of the transaction was that the company Coinbase received in a personal access 5% of all bitcoins in circulation service Xapo. Worth noting that the capital of the company Coinbase has increased tenfold, because they manage more than 7 billion USD, which is stored in cryptocurrency assets. Competitors for the purchase of service Xapo was the company of the Fidelity, however, Coinbase has been able to bring a more attractive proposal, which was beneficial to both parties.


Wences Casares (founder of Xapo) is not going to move away from the exchange business, one of his requirements was that he remained at the post of CEO. This position was argued thus - “Difficult to do business for consumers when it focuses more on institutional clients. This year we began to look for someone can be transferred”.


“Safety above all” - said Wences Casares. This quote confirms that all clients of the service Xapo don't have to worry about security. Himself Casares explained that the other contenders for the purchase of the company did not have the necessary level of safety or regulations. For example, in the number of customers entered in the company's digital asset management Grayscale Investments.


A large proportion of regular customers Xapo decided to give the management of your assets Coinbase, according to the latest data - more than 514 thousand bitcoins. For the remaining customer accounts Xapo, presumably, are the assets worth more than $ 3.5 billion. If Coinbase will be able to attract them, too, in its vaults will be over 860 thousand bitcoins.

16 August, 2019

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