Coinbase actually owns Xapo's custody business, they bought it in August 2019 [0]. An amount like $5b would likely pay less than 10 bips (0.1%) per year in cus

Coinbase actually owns Xapo's custody business, they bought it in August 2019 [0]. An amount like $5b would likely pay less than 10 bips (0.1%) per year in custody fees, or $5m/year. Coinbase Pro's volume has recently been doing up to a few million dollars in revenue per day - and that's not even counting the higher brokerage fees that apply on top of some of that volume. Custody is certainly an important part of the business. But I think brokerage currently accounts for a much larger % of revenue. Custody will become bigger as the price of crypto grows. [0] https://www.coindesk.com/crypto-exchange-coinbase-acquires-xapos-institutional-custody-business https://www.coindesk.com/crypto-exchange-coinbase-acquires-x...