Scoop: Coinbase in talks to buy Xapo's Bitcoin custody unit
Illustration: Rebecca Zisser/Axios
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