Coinbase has risen to become the largest cryptocurrency custodian, with the Acquisition of Xapo’s institutional business. Immediate reports indicate that the US Crypto exchange paid $55 million for the assets in question. The exchange also reportedly beat investment giant Fidelity that was also in the running for the Xapo business.

The acquisition comes at a time when Coinbase’s custodian business has grown to over $7 billion in assets under custody. Coinbase currently services over 120 clients distributed in over 14 countries. Following the acquisition, a number of Xapo’s clients have already moved their crypto assets to ...