Grayscale Investments, the largest digital currency asset manager, announced that it has entered into agreements with Coinbase Custody to serve as a new security provider. Grayscale transfers $2.7 billion in crypto assets to Coinbase. Global xchange.
Brian Armstrong, CEO of Coinbase, claims the custodian already holds $1 billion in assets, will act as the custodian of the single asset and diverse investment products of Grayscale. globalxchange.
Grayscale currently holds $2.7 billion in total assets under management, more than doubling its Q1 holdings by $1.2 billion, according to its latest quarterly report.
Grayscale holds:
bitcoin
bitcoin cash
ethereum
ethereum classic
litecoin
Stellar lumens
XRP
zcash
Pending regulatory approval to support the asset Coinbase Custody also intends to hold Grayscale’s token called horizon (ZEN). Globalexchange.
The majority of the assets are transferred from the existing security provider of Grayscale, Xapo.
According to a press release, Coinbase Custody began holding Grayscale’s assets on July 29. Coinbase Custody is a regulated fiduciary under New York’s banking law, and is regulated through the New York Department of Financial Services. globalxchange.
Sam McIngvale, Coinbase Custody CEO, explained in a statement, that the business is “held to the same fiduciary standards as national banks. We also offer some of the broadest and deepest insurance coverage in the crypto industry.”
Adding:
“Grayscale and Coinbase have led the way in providing safe, secure, trustworthy, and regulated access to digital assets. Grayscale is an established, trusted, and valuable partner to its clients and its service providers should be the same.” global xchange.
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