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Grayscale Joins Coinbase Custody

Grayscale Joins Coinbase Custody

Grayscale Joins Coinbase Custody

Coinbase announced today via a press release that Grayscale, the world’s largest digital asset fund manager, is to move billions of dollars worth of digital asset holdings to the U.S. crypto wallet provider and trading platform’s Coinbase Custody service in what could be one of the largest single day transfers of digital assets ever.

Grayscale Investments, the company behind the Bitcoin Investment Trust is expected to transfer around $2.8 billion in digital assets in fewer than 12 hours to Coinbase Custody.

Grayscale will be joining world-class institutions that have chosen to partner with Coinbase, including leading digital asset funds like Bitwise InvestmentsPolychain CapitalAutonomous Partners, and a16z crypto.

Coinbase Custody will be serving as a custodian for all of Grayscale’s digital assets, currently including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Stellar Lumens (XLM), XRP (XRP) and Zcash (ZEC).

Coinbase Custody operates as a standalone, independently-capitalized business to Coinbase, Inc.

Coinbase Custody will hold Grayscale’s assets for three years at the outset, charging a fee based on the assets under Coinbase’s custody. Both entities have escape clauses for the three-year period, according to the press release.

Grayscale assessed 30 custodian providers before making a final decision. Coinbase Custody was their final decision.

Grayscale raised $84.8 million into its single-asset and diversified investment products during the second quarter of 2019. With a nearly 100% increase in quarter-over-quarter product inflows. Grayscale demonstrates that the recent rally in digital asset prices is supported by institutional investment.

See Also
https://www.newsbtc.com/news/cardano/weiss-cardano-ada-is-clearly-superior-to-eos-following-shelley-test/

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