Coinbase’s institutional product has begun accepting deposits

The exchange’s new Coinbase Custody sevice, aimed at institutional hedge funds and other clients who can deposit a minimum of $10 million, accepted its first deposit last week, the company announced on Twitter. In addition, the new service is now live for all customers.

Further, Coinbase currently holds more than $20 billion in crypto assets, the exchange said Monday. The company hopes to bring in another $10 billion with Custody.

First announced in November 2017, Coinbase Custody’s clients will pay $100,000 as a set-up fee and a 10 basis point fee-per-month on the assets being held.

The product was formally launched in May, when Coinbase further discussed its plans to work with a U.S. Securities and Exchange Commission-regulated broker-dealer. The firm went one step further earlier last month, when it announced it was in the process of acquiring a broker-dealer license, an alternative trading system license and an investment advisor license.

Should the licenses be approved, Coinbase will be able to begin offering securities on top of its current products.

At present Coinbase Custody is open to clients in the U.S. and Europe. While no firm timeline was announced, Coinbase said it hopes to open up to clients in Asia by the end of 2018.