Coinbase Custody International (CCI), a European multi-asset cryptocurrency storage platform for institutional clients, has enabled its customers to deposit and withdraw the Ethereum (ETH)-based version of the U.S. Dollar Tether (USDT).
ERC-20 Tether on Coinbase Custody
According to the official announcement, both deposits and withdrawals of the ERC-20 Tethers (USDT) are now supported on Coinbase Custody International. CCI, which is a European entity for processing cryptocurrency operations, is registered in Dublin, Ireland.
Coinbase Custody is a side-project of the Coinbase crypto exchange. Launched on January 30, 2020, it's a pioneer within the multi-blockchain storage sphere and governance solutions for sophisticated clients.
Coinbase Custody is focused on the unmatched level of security for the enormous amount of crypto riches. It welcomes customers with a minimum deposit starting at $1,000,000, and charges them with an implementation fee of up to $10,000.
In turn, Coinbase Custody International Inc. is an autonomous branch of Coinbase Custody focused on European jurisdictions.
Two Trends in Crypto Sphere: Institutions and Tether (USDT)
Delivering cryptocurrency services with the potential of competing against premium private banking is among the top priority directives for Coinbase ecosystems. As previously reported by U.Today Crypto News, Coinbase confirmed its acquisition of the institution-level arbitrage platform Tagomi
The deal is currently waiting for the official approval by U.S. financial watchdogs. The deal is expected to be closed by the end of this year.
Tether's increased usage is the global trend of the blockchain world. The circulating supply of the stablecoin resulted in a series of new all-times-highs (ATH) this year.
In particular, the demand for USDT skyrocketed within the sphere of Ethereum-based decentralized financial applications. It has been recently disclosed that USDT accounts for 11% of Aave Protocol (LEND) funds.