Coinbase announced it finalized the acquisition of Xapo. The custodial service of Coinbase now stores $7 billion in cryptocurrencies.

Coinbase Custody completed the acquisition of Xapo, known for operating a cold storages network. The deal, according to rumors, amounted to $55 million.

“In just over one year since launch, Coinbase Custody has grown to over $7 billion in Assets Under Custody (AUC) stored on behalf of more than 120 clients in 14 different countries, making it the largest, most globally recognized and most trusted institutional custodian in the world,” Coinbase said in a statement.

Later, Coinbase CEO Brian Armstrong specified that $200- $400 million in crypto assets are deposited at Coinbase Custody weekly.

Xapo is registered in New York and has a BitLicense from the New York State Department of Financial Services, as well as a license for working with electronic money in Gibraltar. Xapo manages a multi-currency cryptocurrency wallet and is an issuer of a cryptocurrency deposit card. The company employs more than 250 employees living in 50 countries. The slogan of the team is "Act globally, work remotely." One of the Xapo vaults is located in a former military bunker in the Swiss Alps.

“Through the acquisition of Xapo’s institutional businesses, we’re now proud to act not only as the gateway for millions of people to cryptocurrency but also as the world’s largest and most trusted steward of digital assets.”