Digital currency wallet and crypto management platform Coinbase landed a major win today. The California-based company announced that Grayscale, a major digital asset fund manager, has partnered with Coinbase to store its $2.7 billion worth of assets on Coinbase Custody.
Launched in 2017, Coinbase Custody is a cold storage solution for crypto assets. In May of this year, Coinbase Custody reported it had reached $1 billion in crypto assets under management. Today’s agreement with Grayscale, which will use Coinbase Custody to store all of its digital assets, more than doubles Coinbase Custody’s AUM.
According to the Coinbase blog, Grayscale selected Coinbase Custody after researching more than 30 other custodians. All were evaluated on factors such as security, regulatory compliance, insurance coverage, scalability, and their suitability as a partner. “We’re honored to have been selected based on such a comprehensive evaluation process,” Coinbase said in a blog post.
Coinbase aims to be top-of-mind with traditional wealth management firms as they add crypto to their offerings. The company’s Coinbase Pro offering provides a compliant way to access a regulated, verified crypto liquidity with APIs and hands-on customer service.