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Grayscale stores billions of dollars in Bitcoins at Coinbase Custody Service

Grayscale Investments is not an unknown company: it is worthwhile to manage cryptographic assets under management $ 2.6 billion Grayscale is the largest investment manager in the cryptography industry. The company has more than doubled its assets since the first quarter of 2019.

Of course, asset managers must be sure of such amounts. Until now, this was largely responsible for Xapo. The only exception is the preservation of grayscale holdings in the unknown cryptocurrency Horizen. Their private keys are currently managing the digital asset preservation company.

On August 2nd, however, it was clear from the Coinbase blog that Grayscale Investments was transferring its assets to the Coinbase childcare service. The actions that Xapo is busy with will find a new home.

The encrypted funds that Coinbase Custody now retains is not just Bitcoin. Overall, this grayscale ad is about Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar Lumen, ZCash and Ripple. Only holdings in Horizen are in the custody of Digital Asset Custody Group until further notice. As long as Coinbase is not accredited for the preservation of horizons, nothing will change.

Visible grayscale transactions on the blockchain?

According to Coinbase, the stock movement would have started on July 29th. Powerful moves were also seen on the Bitcoin chain of channels that day. Thus, we can see that more than 40 000 BTC have been moved:

For many, of course, the question was asked what was this transaction. In fact, these transactions could be attributed to Xapo. The fact that the same day, transactions are not very important, but at least transactions worth between 5,000 and 6,000 BTC, confirms the assumption that these transactions are related to the announcement of Grayscale: Such transactions have already been made at Coinbase. Custody internal maintenance at the end of last year.

The big bitcoin movements at the beginning of December 2018 also seem to have shown investors that a cold head is a good guide for whale activity. The price of bitcoin has hardly changed since July 29th.

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Grayscale stores billions of dollars in Bitcoins at Coinbase Custody Service 2