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Coinbase Custody acquires Xapo's institutional businesses

Digital currency exchange Coinbase Inc.'s Coinbase Custody has acquired Xapo Inc.'s institutional businesses, according to the company's Aug. 15 Medium post.

Financial terms of the deal were not disclosed. Xapo offers multicurrency digital wallets and cards to customers, including cryptocurrencies.

Coinbase Custody said its assets under custody have grown to more than $7 billion since its launch in 2018. It serves more than 120 clients in 14 countries.