Coinbase Custody acquires Xapo’s institutional business.

Coinbase Custody has completed an acquisition of Xapo’s institutional businesses for $55m. "For Xapo, this transaction means a greater focus on our Consumer Business and a big step towards our mission to build a safe and global way to use money. We believe that in choosing Coinbase, the Institutional Custody Business is going to a company that can provide great insurance, borrowing and investment alternatives that we are not offering." Xado stated.