Grayscale to Conduct One of Largest Single Day Crypto Transfers

Today, digital asset management fund Grayscale Investments will transfer nearly $3 billion worth in cryptocurrency holdings to American major crypto wallet provider and exchange exchange Coinbase.

Largest single crypto transfer?

As Forbes reported on Aug. 2, Grayscale is going to move almost $3 billion worth of its digital currency holdings, including Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and XRP, among some other tokens, to Coinbase. Coinbase Custody will then serve as custodian of the underlying assets for the company’s products.

Together with its cryptocurrency holdings, Grayscale will transfer its publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund to Coinbase. The transfer will thus apparently be one of the largest single day transfers of crypto assets ever conducted.

Commenting on the deal, Sam McIngvale, Coinbase Custody chief executive, said:

“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.”

Hitting new records

In mid-July, Grayscale recorded an all-time high volume of assets under management of $2.7 billion. In such a way, the figure marked a near tripling of assets under management by the company since the preceding quarter.

As previously reported, Grayscale Investments’ Bitcoin Trust was up almost 300% on the year as of July 9. At the time, the trust was yielding a 296% year-to-date appreciation — a stratospheric increase as compared to mainstream investments reflected in the S&P 500 (18.7%) and Global Dow (12.9%) over the same time period.

Coinbase Custody revealed in June that it held $1.3 billion in assets under custody and the firm expected to hit $2 billion AUC soon.

4  Comments Add a comment…

  • Grayscale to Conduct One of Largest Single Day Crypto Transfers Henry Westbrock  

    they will lose all money with coinbase, will be funny

    Reply

    • Grayscale to Conduct One of Largest Single Day Crypto Transfers barbagiggia Henry Westbrock  

      The only funny thing here is the stupidity of your words.

      Reply

  • Grayscale to Conduct One of Largest Single Day Crypto Transfers Donnell Hearn  

    That’s very interesting, let’s see whats going to happen… I know a lot of great projects up in the works rn that are using eth. Pointpay is the most promising in my opinion, hopefully all goes well

    Reply

  • Tom Gilchrist  

    Breaking records, will set the tune and create the much needed attention. However it must be careful enough to showcase security and safety.

    Reply

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