Scoop: Coinbase in talks to buy Xapo's Bitcoin custody unit

Cryptocurrency exchange Coinbase is in talks to acquire the Bitcoin custody business of crypto storage company Xapo, multiple sources tell Axios.

Why it matters: Coinbase has been aggressively working to attract more institutional investors, for whom custody is usually a requirement. It's also facing competition from companies like Fidelity Digital Assets, which we're told had competed for the Xapo deal. Coinbase declined comment.

Go deeper: Coinbase Custody hits $1 billion