Grayscale, a digital currency asset manager, has picked Coinbase Custody to serve as custodian for the underlying assets for each of its products, effective July 29, 2019.
Coinbase Custody is a New York Department of Financial Services-regulated company that offers access to an audited, and insured custody solution. As a qualified custodian, Coinbase Custody is a fiduciary under New York banking law and is licensed to custody its clients’ digital assets in trust on their behalf.
The firm will serve as custodian for Grayscale’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).
Coinbase Custodian will also serve as custodian for Grayscale’s diversified investment product, Grayscale Digital Large Cap Fund, which provides exposure to the top digital currencies by market capitalisation and is currently comprised of BTC, ETH, XRP, BCH and LTC.
“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,” says Sam McIngvale, Coinbase Custody CEO “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.”