Global Digital Asset Management Leader Enhances Custodial Services to Provide Best-in-Class Structure for Investors
Purpose Investments Inc. announced that Coinbase Custody Trust Company, LLC., a New York State chartered limited purpose trust company, a subsidiary of Coinbase Global Inc. and one of the world’s largest and most-trusted institutional digital asset custodians, will act as an additional sub-custodian for the funds it manages, which hold digital assets effective as of May 15, 2023.
Purpose has entered into an agreement with Coinbase pursuant to which Coinbase will act as an additional sub-custodian for the Crypto Funds. Coinbase is licensed by the New York State Department of Financial Services. Coinbase Global Inc. is a publicly traded company with assets in excess of $100 billion.
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“Digital assets offer investors the potential to get early exposure to assets that might power the future of the finance sector, but as the asset class matures, finding safe and reputable ways to invest in cryptocurrency is critical,” says Nick Kuriya, Head of Crypto at Purpose. “When we launched the world’s first spot Bitcoin ETF, we did so to provide investors with a secure way to get exposure to this emerging asset class. Our engagement with Coinbase reflects our deep commitment to ensuring that our ETFs remain the best way to access the long-term returns of crypto safely.”
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Key Benefits
- Assets will continue to be held in segregated cold storage wallets.
- Assets will never be lent out or re-hypothecated.
- Purpose offers a dual sub-custody structure with two qualified institutional custody providers (Gemini and Coinbase).
Purpose is a global leader in digital asset management, offering four crypto funds, including the world’s first spot Bitcoin ETF, the first spot Ether ETF, and the first actively management covered call crypto ETFs. These funds are designed to provide investors with easy and secure ways to get exposure to digital assets. The AUM of the funds managed by Purpose that hold digital assets is approximately $1.2 billion.
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