Investment company Grayscale Investments turned to the custodial division of Coinbase to deposit its cryptocurrency assets.
Earlier, Coinbase CEO Brian Armstrong said that the Coinbase Custody custodial service manages clients' assets in the amount of $ 1.3 billion, and in the near future expects an increase in the amount of stored funds to $ 2 billion.
It is reported that Grayscale will transfer to the Coinbase Custody cryptocurrency assets of BTC, BCH, ETH, ETC, LTC, XLM, XRP and ZEC totaling $ 2.7 billion. Coinbase Custory also intends to store the Horizen token after it receives the appropriate approval from regulators .
Previously, most of Grayscale’s assets were held in another custodian company, Haro. However, on July 29, Grayscale Investments began to cooperate with Coinbase Custody, which operates in accordance with the banking law of New York.
Coinbase Custody CEO Sam McIngvale noted that the company meets the same fiduciary standards as national banks, and also provides the broadest insurance in the entire cryptocurrency industry.
The agreement states that Coinbase Custody will hold Grayscale assets for three years and charge a fee based on the amount received. Representatives of Grayscale noted that they had contacted 30 suppliers of similar services before signing the agreement, but in the end, it was to stop at Coinbase.
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