Earlier this month, Coinbase Custody announced that they were going international with a new base in Dublin to serve European institutional investors. The announcement also stated that “Europe is our fastest growing geographic segment and our international launch is a direct result of client demand”.
Coinbase has been one of the first companies to be awarded a New York Bitlicense as well as e-money licenses in both the UK and Ireland. Additionally, Coinbase Custody was licensed as a New York Limited Purpose Trust company.
Now Coinbase Custody has become the first crypto custodians to receive the SOC 1 Type 2 and SOC 2 Type 2 examinations. The aforementioned were awarded for the time period ranging from July 1, 2019 to December 31, 2019 (H2 2019).
These “Service Organisation Control” audits act as an assurance that the service provided by Coinbase Custody are designed effectively. Moreover, according to their press release, the organisation will continue to consistently perform SOC 1 and SOC 2 examinations to keep a high “level of rigorous security and oversight standards that has established us as the largest and most trusted leader in the space”.
Cryptocurrencies are beginning to emerge into the light and away from the grey regulatory area. Even traditional financial institutions are expanding their services to include digital assets as these are now becoming popular as uncorrelated assets (specifically Bitcoin) that could help in reducing the risk in traditional portfolios.
Image ℅ Coinbase