The US-based cryptocurrency holding Coinbase has announced the launch of a new service for large institutional investors. The service is aimed at investment banks and insurance companies.

The launch was announced by Brian Armstrong, co-founder, and head of Coinbase. The news service is called Coinbase Custody. According to Armstrong, it will offer institutional investors to deposit their cryptocurrency assets from at least $10 million.

He recalled that over one hundred cryptocurrency hedge funds have appeared within the last year, and the potential amount of funds that large investors would like to invest in such currencies is about $10 billion.

“When we speak with these institutions, they tell us that the number one thing preventing them from getting started is the existence of a digital asset custodian that they can trust to store client funds securely. This is why I’m excited to announce Coinbase Custody. The next step to accelerating the world’s adoption of digital currencies is to unlock the institutional money preparing to enter the space,” Armstrong wrote in his blog.

To begin with, users will need to pay an initial entrance fee of $100,000, and subsequently also pay a monthly fee for the storage of funds. The full-scale work of Coinbase Custody is scheduled for 2018.

Coinbase has been operating in the cryptocurrency market since 2012. It stores more than $9 billion of digital currencies on behalf of their customers. The exchange has offices in New York, San Francisco, and London, the number of employees is about 200 people.