Coinbase may acquire Xapo custodian service for $ 50 million
American stock exchange cryptocurrencies Coinbase is negotiating the purchase of Xapo custodian service for developing your own business in this direction, writes The Block, citing sources familiar with the situation. It is assumed that the amount of the transaction may make up about $ 50 million.
According to sources, negotiations yet not finished, but already are located on enough advanced stage. They are claim that Fidelity Digital Assets also claims to acquire the custodian service – cryptocurrency division of the American financial company Fidelity Investments – but perspectives Coinbase more realistic. For the last this deal could be a further step towards diversifying its resources in order to smooth out the impact of fluctuations in cryptocurrency market.
Xapo’s core product is reinforced storage for protecting Bitcoin assets. how notes The Block, in wallets company can be about 700,000 BTC or $ 5.5 billion by the current course. This includes 226 000 BTC, owned by the manager assets Grayscale. Since founding in 2012, Xapo attracted $ 40 million financing.
Coinbase has already acquired 14 companies in its history, in Tom including analytical startup Neutrino, of–per controversial employee backgrounds whom the exchange itself became object criticism of community members.