Coinbase Custody Accounted for 11% of All Cryptocurrency Assets in 2020

Cryptocurrency analytics platform, Messari mentioned in its latest report that the custody service of digital exchange, Coinbase accounted for nearly 11% of all cryptocurrency assets last year. The exchange recently revealed its Bitcoin investment ahead of the company’s public listing.

According to the report, the total value of cryptocurrency assets at Coinbase custody jumped significantly to nearly $90 billion in the last quarter of 2020. Coinbase currently offers custody services to over 90 digital currencies but does not support all on the exchange.

Messari mentioned in the report that Bitcoin (BTC) and Ethereum (ETH) remained dominant cryptocurrency assets as BTC and ETH accounted for nearly 83% of the digital assets on the custody platform of Coinbase. The world’s largest cryptocurrency alone accounted for approximately 70% of the total crypto assets at Coinbase custody in 2020.

Coinbase revealed its public listing plans earlier this year, and it was confirmed by the SEC last week. The crypto exchange hired Citigroup, Goldman Sachs and JP Morgan Securities along with other banks to facilitate the listing process.

Despite the recent $200 billion sell-off in digital assets. The cryptocurrency market is up by more than 110% since the start of 2021. The overall market cap jumped from $750 billion to as high as $1.75 trillion within the last 8 weeks. As of writing, the market cap of digital assets stands at around $1.5 trillion, which is up nearly 7% in the last 24 hours. Bitcoin, the world’s largest crypto asset is currently trading at above $48,500 with a total market cap of more than $900 billion. Ethereum is trading near $1,550 with a $180 billion market cap. Binance Coin and Chainlink remained the top-performing digital assets in the last 24 hours as both cryptocurrencies are up more than 10% in a single day.

Coinbase has grown significantly in the last few years amid growing interest from retail and institutional investors. Finance Magnates earlier reported about large crypto outflows from the digital exchange in the last few weeks.

(Photo: flickr)

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