Earlier this month, digital asset management fund Grayscale Investments transferred nearly $3 billion worth in crypto to American major wallet provider and globally-respected crypto exchange Coinbase.
As Forbes reported last Friday, Grayscale was planning to move nearly $3 billion worth of its crypto, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Ripple (XRP), and many different tokens, to Coinbase. After the transfer is complete, Coinbase Custody will be the official custodian of Greyscale’s digital assets.
Alongside its crypto holdings, Grayscale will move its publicly stated digital currency trusts and its Grayscale Digital Large Cap Fund to Coinbase.
The move will clearly be one of the biggest single day moves of crypto ever
While discussing the transfer, Sam McIngvale, Coinbase Custody CEO, stated:
“As a NY State-contracted trust firm, Coinbase Custody is held to fiduciary standards as “traditional” national banks. We also probably offer the broadest and most profound insurance coverage in the crypto business.”
Grayscale Investments is growing
Last month, Grayscale recorded a record volume of assets under administration of $2.7 billion. In such a way, this figure recorded almost a tripling of assets under Grayscale management since Q1.
Back in June, Coinbase Custody shocked quite a few experts when it revealed that it held $1.3 billion assets under management. Experts were even more surprised by the announcement that Coinbase Custody expected that figure to bulk up to nearly $2 billion in the near future.
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