Grayscale Investment a Bitcoin and crypto largest management firm are in process of moving $3 billion dollar asset holdings to U.S. based crypto wallet service provider, Coinbase.
This is considered as one of the largest transfers of bitcoin and crypto assets to ever take place in a single day.
Grayscale Investments has entered into agreements with Coinbase Custody to serve as its Custodian, effective July 29, 2019, announced the company on August 2nd.
According to a blog post by Coinbase, only after a thorough and systematic review, Coinbase Custody was chosen.
“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,” said Sam McIngvale, Coinbase Custody Chief Executive Officer.
Grayscale claims to hold $2.7 billion in total assets under management, as per its Q2 2019 report, that nearly tripled its Q1 holdings of $1.2 billion.
Coinbase Custody will serve as a custodian for the digital currency asset manager’s single-asset investment products and their underlying assets in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC) including the public quotations available to individual and institutional investors.