The chief executive officer of Coinbase, Brian Armstrong, has revealed that the company’s custody solution is enjoying significant interest from crypto investors.

During a panel at Coindesk’s Consensus crypto conference, Armstrong said that in just one year after its launch Coinbase Custody had amassed $1 billion in assets under management.

“We launched our custody 12 months ago, we’ve just crossed $1 billion AUM or institutions, 70 institutions have signed up, adding about $150 million AUM a month, so, to a large degree that has been a success,” Armstrong said, as quoted by Coindesk.

The CEO also noted that the institutional clients using the service were looking beyond simply storing their crypto assets at Coinbase Custody.

“They want to be staking and voting, doing governance on-chain,” Armstrong said. “I think that will grow rapidly.”

Armstrong and his fellow panelist, Union Square Ventures partner Fred Wilson, pointed out that the clients using the service are not big traditional institutions such as…

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