A new massive single day transfer is apparently in preparations – coming from the digital asset management fund Grayscale Investments. As the latest cryptocurrency news show, the transfer will be nearly $3 billion worth of cryptocurrency holdings to American major crypto wallet provider and the exchange Coinbase.
Forbes was first to report about the transfer on August 2, after which many best cryptocurrency news sites followed. As the news showed, the massive single day transfer will total $3 billion and will be spread through tokens such as Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC), and Ripple (XRP), among some other tokens, and all will be directly processed through Coinbase. Meanwhile, Coinbase Custody will serve as a custodian of the underlying assets for the company and its products.
Along with its cryptocurrency holdings, Grayscale will transfer its public cryptocurrency trusts and its Grayscale Digital Large Cap Fund to Coinbase. The massive single day transfer will also be one of the largest transfers of crypto assets ever conducted.
The chief executive officer of Coinbase Custody, Sam Mcingvale, was featured in the altcoin news for commenting the deal. He 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.”
As a reminder, in mid-July this year Grayscale Investments managed to record an all-time high volume of assets under management, going at $2.7 billion. In such a way, this figure also marked a tripling of assets under management by the company – compared to the preceding quarter. The massive single day transfer that Grayscale is preparing is therefore featured in the coming altcoin news as the next big milestone.
The Grayscale Investments Bitcoin Trust was up by almost 300% on the year as of July 9. At the time, the trust was appreciating by 295% on a yearly basis – which is a massive increase compared to the mainstream investments in the S&P 500 (18.7%) and the Global Dow (12.9%) indices over the same time period.
In June this year, Coinbase Custody revealed that it held $1.3 billion in assets under custody and that the firm expected to hit $2 billion AUC soon.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post