Galaxy Digital Transfers $78.5 Million in BTC to Coinbase Prime
CryptoNewsTerminal Staff06 Sep, 2024
Galaxy Digital Transfers $78.5 Million in BTC to Coinbase Prime
Galaxy Digital, a cryptocurrency merchant bank, has transferred 1,458 BTC (worth approximately $78.5 million) to Coinbase Prime in the past 8 hours, according to on-chain data from Lookonchain. This transaction, which was flagged by the blockchain analytics firm, suggests that Galaxy Digital is moving a significant amount of its Bitcoin holdings to Coinbase Prime for custody or trading purposes. Coinbase Prime is a custodial service offered by Coinbase that provides institutional investors with secure storage, trading, and other advanced services for their digital assets. The transfer of such a large amount of Bitcoin to Coinbase Prime indicates that Galaxy Digital is confident in the security and reliability of Coinbase's platform.
