Grayscale Investments is a Bitcoin and cryptocurrency asset management firm, and they are planning to move billions of dollars of holdings to U.S. based crypto wallet service provider, Coinbase. This is considered as one of the largest transfers of bitcoin and crypto assets to ever take place in a single day.
Grayscale claims to be the world’s largest digital currency asset manager and they have announced that Coinbase Custody will serve as their custodian of assets worth $3 billion which will be transferred in less than 12 hours.
Coinbase Custody is a standalone capitalized business of the company Coinbase. It will take care of Grayscale’s cryptocurrency holdings including bitcoin, litecoin,ethereum, bitcoin cash, among other significant tokens.
The sudden transfer has taken place because all the investors are waiting for global reaction to Facebook’s plan of launching their cryptocurrency by 2020, called Libra. Since 2012, Coinbase has signed up about 30 million users because of their phenomenal exchange and wallet services.
Grayscale, on the other hand, discovered a week ago that about 36% of U.S. investors would consider buying Bitcoin, which represents a potential market of about 21 million investors. Earlier this month, Grayscale had the assets under their management worth $2.7 billion.
