RATE Group | Exchanges Hold More Bitcoin Than Ever as Coinbase Wallet Nears 1M BTC
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Exchanges Hold More Bitcoin Than Ever as Coinbase Wallet Nears 1M BTC

24 Jan Exchanges Hold More Bitcoin Than Ever as Coinbase Wallet Nears 1M BTC

Posted at 14:19h in Bitcoin News by

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United States cryptocurrency exchange Coinbase will soon hold a million Bitcoins (BTC) in its cold wallets in a controversial first for the industry.

According to data from news and information resource Longhash released on Jan. 23, Coinbase’s cold wallets contained around 970,000 BTC ($8 billion) as of Jan. 1.

Coinbase weeks away from 1 million BTC

If current growth continues, the company will reach the 1,000,000 BTC mark by February.

Coinbase cold wallet balance, 2019-present

Coinbase cold wallet balance, 2019-present. Source: Longhash

The trend underscores growing tendencies to interact with Bitcoin via exchanges, with the Coinbase figures including both private and institutional investors. 

As Cointelegraph reported, recent attempts to assess institutional habits when it comes to Bitcoin storage already firmly pointed to exchanges being investors’ chosen method. 

Now, despite the myriad exchange hacks and other dangers of trusting third parties with their cryptocurrency wealth, it appears that consumers in general still…

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