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Coinbase Custody To Provide Custodial Services To iTrustCapital For Retail Client Digital Assets

News provided by news direct2024-11-08

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By Kyle Anthony, Benzinga

The growth and adoption of cryptocurrencies requires trusted partners capable of safely securing and providing liquidity for these digital assets. Recently, iTrustCapital announced that Coinbase Custody will provide digital asset custodial and liquidity services for its large retail client base within the tax-advantaged crypto IRA sector.

Against the backdrop of an uncertain macroeconomic and geopolitical landscape, the decentralized nature of Bitcoin and other cryptocurrencies has risen in appeal. As estimated by KPMG, as of May 2023, decentralized finance represents $47.479 billion of liquidity stored across various blockchains.

In the present, with Donald Trump winning the Presidential Election, the anticipation of further China stimulus and the U.S. Federal Reserve further reducing rates, Bitcoin is making new highs. This is an indication that investors are allocating more to the asset class during this globally volatile period.

With more investors engaging in multi-asset investing, with cryptocurrencies being a part of their asset allocation, safely securing these assets is paramount. The growth is also evident on the institutional front, as institutional investors are set to increase digital asset allocations in their portfolio to 7% by 2027, as detailed in a recent report commissioned by crypto exchange OKX.

Now, iTrustCapital says it is leveraging one of the largest and most respected names in the digital asset arena with its new partnership. In turn, the company says Coinbase Custody’s institutional services could further enhance iTrustCapital’s platform capabilities by offering access to a wide array of digital assets, improved liquidity and secure asset storage, among other crypto services.

“Coinbase's reputation for security and user experience perfectly aligns with iTrustCapital's mission to provide the highest levels of safety, security, convenience, and optionality for our clients,” said Kevin Maloney, CEO of iTrustCapital.

Founded in 2018, iTrustCapital has worked on differentiating itself from other crypto platforms by focusing on low-cost, secure, tax-advantaged retirement investing while aiming to provide an excellent client experience. In recent years, the iTrustCapital platform has received multiple awards for its service, design and innovation. The company says it now supports over 50,000 client-funded accounts, managing billions in retirement assets, with more than $10 billion in transactions completed to date.

Coinbase, founded in 2012, has strived to bring cryptocurrency to the mainstream. With a vision to create an open financial system for the world, Coinbase and its institutional services division has grown into one of the largest and, it says, most trusted companies for digital assets.

Featured photo by Traxer onUnsplash.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

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