Coinbase CEO Brian Armstrong announced the exchange’s custody product, Coinbase Custody, already has $1 billion in assets under management (AUM) in just 12 months after launch.
“70 institutions have signed up, adding about $150 million AUM a month, so, to a large degree that has been a success,” he said.
Armstrong added the institutions are not merely interested in having their funds sit idle while in custody either.
“They want to be staking and voting, doing governance on chain,” Armstrong said. “I think that will grow rapidly.”
He also noted Bitcoin is still the main asset of interest for institutions, but the interest for other cryptocurrencies is growing, too, so Coinbase currently offers services for 30 coins for institutions, including staking as a service for some.