Now Reading
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.

Investing in digital assets is highly risky and speculative. A qualified professional should always be consulted before making any financial decisions. CryptoLive makes no representations or warranties as to the accuracy or timeliness of the information contained on the site. None of the information you read on CryptoLive should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoLive is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.

Get started with just R10

Trade the largest selection of cryptocurrencies available in South Africa by signing up to VALR, and receive a 10% rebate on your trading costs, up to a total of R1,500 using our link. Sign up to VALR

What's Your Reaction?
In Love
Not Sure
Scroll To Top