Grayscale Relocates $50 Million in BTC and ETH to Coinbase Prime
CryptoNewsTerminal Staff09 Sep, 2024
Grayscale Relocates $50 Million in BTC and ETH to Coinbase Prime
Grayscale Investments, the world's largest digital currency asset manager, transferred $50 million worth of Bitcoin (BTC) and Ethereum (ETH) to Coinbase Prime, a crypto custody service. According to Arkham Intelligence, a blockchain analytics firm, Grayscale sent 700 BTC (worth around $38.82 million) and 4,817 ETH (valued at approximately $11.15 million) to Coinbase Prime on January 11, 2023. This transaction underscores the growing trend of institutional investors seeking secure and reputable custodians for their crypto holdings. Coinbase Prime offers a range of services, including custody, trading, and financing, catering specifically to institutional clients' needs in the digital asset space.
