Coinbase Custody vs Fireblocks — Head-to-Head Custody Comparison

An independent, data-driven comparison of Coinbase Custody and Fireblocks across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

Coinbase Custody scores 8.2 vs Fireblocks's 6.4. Coinbase Custody leads in 4 of 8 categories.

Coinbase Custody is better suited for ETF issuers, Hedge funds, Asset managers. Fireblocks is better suited for Exchanges, Fintechs, Banks.

8.2

Very GoodCustody Score

Coinbase Custody

6.4

FairCustody Score

Fireblocks

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Coinbase Custody	Fireblocks	Winner
Security	20%	9.0	9.0	Tie
Insurance	15%	8.0	2.0	Coinbase Custody
Regulatory	15%	9.5	5.0	Coinbase Custody
Fee Transparency	10%	7.0	5.0	Coinbase Custody
Track Record	15%	8.5	8.5	Tie
Withdrawal Flexibility	10%	7.5	8.0	Fireblocks
Reporting & Audit	10%	9.0	8.0	Coinbase Custody
Counterparty Diversification	5%	2.0	4.0	Fireblocks
Overall Score	100%	8.2	6.4	Coinbase Custody

Visual

Score Radar

Visual overlay of Coinbase Custody and Fireblocks across all categories.

Coinbase CustodyFireblocks

Deep Dive

Category-by-Category Analysis

A deeper look at how each provider performs in every scoring criterion.

Security (9.0 vs 9.0)

Coinbase Custody uses Proprietary cold storage key management with 98%+ cold storage in cold storage and regular penetration testing. Compliance: SOC 1 Type 2, SOC 2 Type 2. Incident history: No custody-specific breaches. Coinbase exchange has had minor incidents..

Fireblocks uses MPC-CMP (no single private key exists) key management with Configurable (hot/warm/cold) in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No incidents affecting client funds.

Insurance (8.0 vs 2.0)

Coinbase Custody offers Significant coverage (exact amount not publicly disclosed) via Multiple carriers. Crime insurance covering theft from breach of physical or cyber security. Coinbase publicly listed — financial transparency via SEC filings.

Fireblocks offers Not applicable directly — provides technology, not custodial services via N/A. Institutions using Fireblocks arrange their own insurance. Fireblocks provides the secure infrastructure layer.

Regulatory (9.5 vs 5.0)

Coinbase Custody holds New York BitLicense, NY Trust Charter (Coinbase Custody Trust Company) and is a qualified custodian operating in United States. Coinbase Custody Trust Company, LLC is a fiduciary under New York State Banking Law. Publicly traded (COIN) providing financial transparency.

Fireblocks holds Technology provider — regulatory compliance is on the institution using Fireblocks and is not a qualified custodian operating in Global. Fireblocks itself is not a custodian. It provides technology to custodians and exchanges. Institutions must pair Fireblocks with a regulated entity.

Fee Transparency (7.0 vs 5.0)

Coinbase Custody charges 0.50% AUM (50bps) — tiered for large balances in annual custody fees with Varies per transaction. Pricing negotiable for large institutional clients. ETF custodian arrangements have separate terms.

Fireblocks charges SaaS subscription model in annual custody fees with Per-transaction fees vary per transaction. Fireblocks is infrastructure, not a direct custodian. Pricing is B2B SaaS. End users don't interact with Fireblocks directly.

Track Record (8.5 vs 8.5)

Coinbase Custody was founded in 2018 and is headquartered in San Francisco, CA (Coinbase Global). AUM: $300B+ (Coinbase platform total). Incident history: No custody-specific breaches. Coinbase exchange has had minor incidents..

Fireblocks was founded in 2018 and is headquartered in New York, NY. AUM: $6T+ transferred through platform (not custodied directly). Incident history: No incidents affecting client funds.

Withdrawal Flexibility (7.5 vs 8.0)

Coinbase Custody withdrawal fees: Network fees + processing fee. Minimum account: $500,000. Supported assets: Bitcoin, Ethereum, 400+ assets.

Fireblocks withdrawal fees: Network fees. Minimum account: Enterprise only. Supported assets: Bitcoin, Ethereum, 1,500+ tokens.

Reporting & Audit (9.0 vs 8.0)

Coinbase Custody: SOC compliance is SOC 1 Type 2, SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.

Fireblocks: SOC compliance is SOC 2 Type 2. Not classified as a qualified custodian.

Counterparty Diversification (2.0 vs 4.0)

Coinbase Custody is a qualified custodian provider. Key management: Proprietary cold storage with multi-layer security. Air-gapped signing infrastructure..

Fireblocks is a custody technology provider provider. Key management: MPC-CMP (Multi-Party Computation with Cryptographic Multi-Party protocol). No single point of compromise..

Fees

Fee Comparison

Side-by-side fee breakdown for Coinbase Custody and Fireblocks.

Fee Type	Coinbase Custody	Fireblocks
Setup Fee	$10,000 one-time	Enterprise pricing
Annual Custody	0.50% AUM (50bps) — tiered for large balances	SaaS subscription model
Transaction	Varies	Per-transaction fees vary
Withdrawal	Network fees + processing fee	Network fees

Coinbase Custody: Pricing negotiable for large institutional clients. ETF custodian arrangements have separate terms.

Fireblocks: Fireblocks is infrastructure, not a direct custodian. Pricing is B2B SaaS. End users don't interact with Fireblocks directly.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Coinbase Custody	Fireblocks
1,500+ token support	✗	✓
API-first for developers	✗	✓
Cold storage for 400+ assets	✓	✗
Custodian for major Bitcoin ETFs	✓	✗
DeFi access and Web3 connectivity	✗	✓
Dedicated account management	✓	✗
Integration with Coinbase Prime for trading	✓	✗
MPC key management (no single key ever exists)	✗	✓
Policy engine for governance workflows	✗	✓
Regulatory reporting and compliance tools	✓	✗
Staking (governance participation from cold storage)	✓	✗
Treasury management	✗	✓
Used by 1,800+ institutions	✗	✓

Recommendation

Who Should Choose Which?

Coinbase Custody is better if you…

✓Are a etf issuers
✓Are a hedge funds
✓Are a asset managers
✓Are a institutions
✓Want: Custodian for BlackRock, Fidelity, and other major ETFs — ultimate institutional validation
✓Want: Publicly traded company — financial transparency via SEC filings
✓Want: SOC 1 & SOC 2 Type 2 compliant

Fireblocks is better if you…

✓Are a exchanges
✓Are a fintechs
✓Are a banks
✓Are a custodians building their own solutions
✓Want: Industry-leading MPC technology — no single private key ever exists
✓Want: Powers 1,800+ institutions and $6T+ in transfers
✓Want: SOC 2 Type 2 certified

FAQ

Frequently Asked Questions

Is Coinbase Custody or Fireblocks better for Bitcoin custody?

Coinbase Custody scores 8.2 vs 6.4 in our weighted Custody Score. Coinbase Custody leads in 4 of 8 scoring categories. However, the best choice depends on your specific needs: Coinbase Custody is best for ETF issuers and Hedge funds, while Fireblocks suits Exchanges and Fintechs.

What is the difference between Coinbase Custody and Fireblocks?

Coinbase Custody is a qualified custodian provider, while Fireblocks is a custody technology provider provider. Coinbase Custody excels in Regulatory, whereas Fireblocks is strongest in Security.

How do Coinbase Custody and Fireblocks fees compare?

Coinbase Custody charges 0.50% AUM (50bps) — tiered for large balances annual custody fees with Varies transaction fees. Fireblocks charges SaaS subscription model annual custody fees with Per-transaction fees vary transaction fees.

Which is more secure, Coinbase Custody or Fireblocks?

Coinbase Custody scores 9.0/10 for security while Fireblocks scores 9.0/10. Coinbase Custody uses Proprietary cold storage key management, and Fireblocks uses MPC-CMP (no single private key exists).