Grayscale selects Coinbase to store $2.7bn worth of assets
Digital currency wallet and crypto management platform, Coinbase, has partnered with Grayscale, a digital asset fund manager, to store its $2.7 billion worth of assets on Coinbase Custody, reports Julie Muhn at Finovate.
Launched in 2017, Coinbase Custody is a cold storage solution for crypto assets. In May of this year, Coinbase Custody had reached $1 billion in crypto assets under management.
The agreement more than doubles Coinbase Custody’s assets under management.
The agreement with Grayscale more than doubles Coinbase Custody’s assets under management.
Grayscale selected Coinbase Custody after researching more than 30 other custodians, according to its blog. All were evaluated on factors such as security, regulatory compliance, insurance coverage, scalability, and their suitability as a partner. “We’re honoured to have been selected based on such a comprehensive evaluation process,” Coinbase said in a blog post.
Coinbase aims to be top-of-mind with traditional wealth management firms as they add crypto to their offerings. The company’s Coinbase Pro offering provides a compliant way to access a regulated, verified crypto liquidity with APIs and hands-on customer service.
After its most recent funding round of $300 million, Coinbase’s total funding hit $525 million and its valuation rose to $800 million.
