Greyscale investments, a company which has about $2.7 billion in assets under management is moving the assets of each of its products to Coinbase Custody as we can read in the altcoin news today.
The company is moving the assets to the independent custodial arm of the US-based crypto exchange and they are inviting investors to join in the crypto adventure. There are nearly $3 billion in crypto assets including bitcoin, bitcoin cash, ethereum classic, Ethereum, and Litecoin. They custody option will also hold some assets from Greyscale’s trio into Greyscale Bitcoin Trust, Greyscale Ethereum Trust, and Greyscale Ethereum classic trust. They stated in a press release:
‘’We’re thrilled to welcome @GrayscaleInvest, the world’s largest digital currency asset manager, as the most recent firm to trust us with their clients’ assets.’’
According to the reports, Coinbase Custody has attracted more than $1 billion-plus some in cryptocurrencies on its platform. The new assets are expected to increase the size of assets by nearly three times and they even have the potential to attract more institutional investors to the platform. When some other investors will see that Greyscale is moving funds in crypto assets in its investment products to Coinbase Custody they will be more encouraged to the same. Coinbase Custody CEO Sam McIngvale stated:
“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. As a NY State-chartered trust company, Coinbase Custody 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.”
As noted in the coming latest cryptocurrency news, the timing is perfect since the bitcoin bulls are back in charge with Greyscale Investments in the spotlight. The CEO of the company Barry Silbert believes that the Drop Gold campaign is set to air both on CNBC and Bloomberg in the next few days. As a result, Wall Street will be assured that Bitcoin is in a bullish trend since it is trading above the key level of $10,500.
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