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Coinbase to serve as custodian for Grayscale’s $3Bn digital asset holdings

05 Aug 2019 : 13:39
2 min read

The biggest cryptocurrency fund in the world, Grayscale Investments, has chosen Coinbase as the official custodian for all its holdings. The transfer will be crowned as the largest crypto transfer registered until now, with $2.7 Bn assets moving from Grayscale wallets to Coinbase Custody in a single day.

On a tweet published by the official account of Coinbase Custody, the American giant cherished the partnership by commenting:

Grayscale has stated that the company was looking for the highest standard of security available on earth, as they want to earn the full trust of their clients. The trust, which is almost 300% this year alone, claims to have a valuable relationship with Coinbase.

Coinbase Custody describes itself as a service with “the highest regulatory standards”.

On Twitter, Coinbase Custody has confirmed that they are more than qualified as they are under NY banking laws and is regulated by the NYDFS – one of the most respected financial regulators in the world. According to the team, “ they hold ourselves to the same standards as national banks. Best in class service. When a client stores their asset with Coinbase Custody, not only do they receive the best protection for their assets, they also sign up for a relationship built on trust and transparency”.

The agreement evaluates a three-year relationship, with a charging fixed fee taken out of the assets under custody.

Image licensed via Pexels

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Michela Silvestri

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