According to Forbes[1], Bitcoin and cryptocurrency asset manager Grayscale Investments is about to make the biggest transfer in cryptocurrency history.
The asset manager is planning on moving billions of dollars worth of holdings today, and the destination is US crypto wallet and trading platform Coinbase. Should the transfer go off without a hitch, it will mark the largest single-day transfer of cryptocurrency assets ever.
Grayscale Transfers Billions in Cryptocurrency
New York-based Grayscale has announced that Coinbase Custody will serve as custodian on the $3 billion-worth of underlying assets. The entire transfer will take fewer than 12 hours to complete and comprises of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among other major tokens.
The company claims to be the world’s largest Bitcoin and digital currency asset manager. Custodian Coinbase Custody, operates as a standalone, “independently-capitalized business to Coinbase.” It is now tasked with overseeing the transfer.
Also included in the transfer is “Grayscale’s publicly quoted cryptocurrency trusts and its Grayscale Digital Large Cap Fund, which provides exposure to Bitcoin and crypto through a market-cap-weighted portfolio.”
The transfer comes at a volatile time for cryptocurrencies everywhere. Bitcoin’s resurgence[2] to over $10k per coin has spurred on a bullish sentiment regarding the future of digital assets. Also, the pending arrival of Facebook’s (NASDAQ:FB) new Libra coin[3] has spurred regulators into action[4].
Cryptocurrency is Growing
In a report issued by Grayscale, the company found that 36% of US investors would consider buying Bitcoin. This equals roughly 21 million investors, signaling a sizeable market for the coin.
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The company reported recently:
