Coinbase has announced the acquisition of Xapo’s institutional business. Xapo is a Hong Kong-based cryptocurrency firm that provides wallets, cold storage of Bitcoins and also Bitcoin debit cards. The deal is estimated at $55 million. By acquiring Xapo’s custodial arm, Coinbase becomes the largest crypto custodian in the world. It has a total Asset Under Custody (AUC) worth $7 billion.