Grayscale announced that Coinbase Custody would be the new secure custody provider for Grayscale's $2.7b AUM. Grayscale previously used Xapo, but now has a 3-year deal in place with Coinbase.
In a statement, Coinbase Custody CEO Sam McIngvale explained that the business 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.” He added: “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.”