Grayscale assets worth $ 2.7 billion will be stored at Coinbase Custody

Grayscale Investments uses Coinbase Custody's institutional service to store assets under its control.

'Re are thrilled to for We welcome @GrayscaleInvest , the world's currency-largest asset manager Have digital is, as with the the the firm will most recent to trust us with Their clients' assets https://t.co/TepusZtcbj

– Coinbase Custody (@CoinbaseCustody) August 2, 2019

Earlier, the head of Coinbase, Brian Armstrong, reported that under the management of a division of the American company there are funds worth $ 1 billion . Now, Grayscale’s assets are added to these funds, which, according to the latest report, controls $ 2.7 billion This amount is more than twice the first quarter ($ 1.2 billion).

Grayscale assets currently include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar, XRP and Zcash. The company also intends to obtain approval from the regulator for the storage of the token Horizen (ZEN).

Previously, most of the assets of Grayscale were kept by Xapo, but since July 29, Coinbase Custody has been keeping the funds. The latter is a regulated organization operating in accordance with the regulatory framework of the State of New York.

Sam McKingweil, the head of Coinbase Custody, said that his service “meets the same standards of storage as national banks,” and also assumes the most extensive and insurance coverage in the crypto industry.

Under the terms of the agreement, Coinbase Custody will initially take over the assets of Grayscale for three years and will charge a fee based on the value of the funds transferred to the management.

Earlier, BlockchainJournal reported that in just four months , Grayscale Bitcoin Trust shares rose by almost 350% .

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