Crypto data aggregator Messari has reported that the quantity of crypto assets stored in custody on U.S. exchange giant Coinbase surged in the last quarter of 2020.
Messari Crypto has revealed that as much as 11% of the entire crypto market capitalization was held with Coinbase custody at the end of last year. The Coinbase offers custody services for over 90 crypto assets, roughly half of which are tradable on Coinbase’s exchange.
The value of assets custodied with Coinbase spiked to roughly $90 billion in the fourth quarter of 2020 as the combined crypto capitalization more than doubled to tag $780 billion by 2021.
Coinbase custodies 11% of all crypto assets https://t.co/THPjyeqIto pic.twitter.com/5YHu6tNjyP
— Messari (@MessariCrypto) March 1, 2021
Despite the wide variety of assets supported by Coinbase Custody, Messari found that Bitcoin and Ethereum account for 83% of the cryptocurrency held with Coinbase.
While Bitcoin consistently represented 70% of the assets custodied with Coinbase during 2019 and 2020, Ethereum increased from 9% to 13% over the same period.
The findings were published in a report examining Coinbase’s anticipated publicTitle: Coinbase custodies 11% of entire crypto capitalization
Sourced From: cointelegraph.com/news/coinbase-custodies-11-of-entire-crypto-capitalization
Published Date: Tue, 02 Mar 2021 04:33:05 +0000