Evolve Taps Coinbase as Sub-Custodian for a $148M Crypto ETF

02/23/2023 01:14 • Metaverse & Beyond • 85 views

On February 23, Evove, a Canadian financial company, has appointed Coinbase as the sub-custodian of all digital assets, involving a US $148 million digital asset ETF listed on the Toronto Stock Exchange.

Canadian financial company Evolve has appointed Coinbase as the sub-custodian of digital assets

Interpretation of the news:

Canadian financial firm, Evolve, has selected Coinbase as the sub-custodian of all digital assets for its US $148 million cryptocurrency ETF listed on the Toronto Stock Exchange. This move highlights the increasing adoption of cryptocurrencies in the mainstream financial industry.

As a sub-custodian, Coinbase will provide security and storage services for all the digital assets held by the Evolve Bitcoin ETF, which will allow investors to gain exposure to Bitcoin without having to hold the cryptocurrency itself. This is a significant development for Evolve as it gives the firm the necessary infrastructure to ensure the safe and secure storage of its assets to better serve its clients.

Coinbase is a leading digital asset exchange that has made significant strides in recent years to attract institutional investors. This partnership with Evolve is yet another example of Coinbase’s expansion into the institutional market, and also highlights the growing interest in cryptocurrencies from traditional financial institutions. By partnering with Coinbase, Evolve is leveraging the exchange’s experience in managing digital assets, which should give investors more confidence in the security and safety of their investments.

This move comes at a time when the cryptocurrency market is gaining more attention from traditional financial firms. Many institutions, including banks and asset managers, are now offering cryptocurrency trading services to their clients. The move by Evolve shows that even companies that specialize in traditional investment products are adding cryptocurrency products to their lineup.

It is worth noting that the approval of the Evolve Bitcoin ETF by the Ontario Securities Commission was a significant milestone as it was the first Bitcoin ETF to be launched in North America. This approval opened the door for other similar investment products, which would lead to wider adoption of cryptocurrencies in the traditional financial industry.

In summary, the partnership between Evolve and Coinbase is a significant development for both firms that highlights the growing acceptance of cryptocurrencies in the mainstream financial industry. The selection of Coinbase as the sub-custodian demonstrates Evolve’s commitment to providing secure and reliable digital asset services to its clients, while also showcasing Coinbase’s expansion into the institutional market.

Title: Evolve Taps Coinbase as Sub-Custodian for a $148M Crypto ETF

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Evolve Taps Coinbase as Sub-Custodian for a $148M Crypto ETF

Canadian financial company Evolve has appointed Coinbase as the sub-custodian of digital assets

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