Crypto exchange Coinbase revealed on March 24 that its institutional custody platform helped Chinese tech company Meitu purchase and custody about $90 million in Bitcoin and Ether. These assets are now worth more than $94 million.
According to Coinbase's announcement, Coinbase Institutional is Meitu's sole partner for crypto trade execution and custody. The assets are held in Coinbase's secure offline repository with the highest level of security and in compliance with the industry's highest regulatory standards.
"Cryptocurrencies are not new but acquiring cryptocurrencies as a listed company while ensuring the security of the transaction and storage as well as compliance of various regulations and audit requirements, is still like navigating through uncharted waters," said Gary Ngan, Chief Financial Officer of Meitu.
In addition, MicroStrategy is one of Coinbase's well-known institutional clients. The company purchased $425 million in bitcoin in September 2020 and hosted it at Coinbase. The transaction took five days.