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Grayscale Will Soon Transfer Almost $3 Bln Worth of Crypto to Coinbase Custody     

  • Alex Dovbnya
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    After Polychain Capital and a16z crypto, Coinbase Custody adds Grayscale to the list of its bigwig clients 

Grayscale Will Soon Transfer Almost $3 Bln Worth of Crypto to Coinbase Custody     
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Digital asset management fund Grayscale Investments has chosen Coinbase Custody to safeguard $2.7 bln worth of different cryptocurrencies, which include Bitcoin and a slew of major altcoins, such Ethereum, Ripple’s XRP and Litecoin.

This is the biggest development for the rapidly growing Coinbase subsidiary that was launched in July 2018.

A $2.7 bln transfer  

Coinbase has already inked deals with many high-profile institutional players. Brian Amstrong, the CEO of Coinbase, earlier revealed that the custodian held more than $1 bln worth of digital assets. Grayscale is about to nearly quadruple this amount.

Grayscale plans to move its funds on Aug. 2, which could be the biggest amount of transferred crypto in one day. Coinbase will hold the company’s crypto riches for at least three years, according to the press release.  

High standards

According to Coinbase Custody CEO Sam McIngvale, the subsidiary boasts the same rigorous standards as some of the largest financial institutions. 

We also offer some of the broadest and deepest insurance coverage in the crypto industry,” McIngvale told Forbes.

Prior to Coinbase, Grayscale appointed Hong Kong-based Xapo to serve as its custodian back in 2015. Xapo holds more than $10 bln worth of Bitcoin with the help of an international network of its underground vaults.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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