- Coinbase is in the process of acquiring Osprey Funds.
- The talks are at a high level and informal at this stage.
- Coinbase is the custodian for Osprey’s fund.
Accordingly, one of the source person said, the talks are at a high level and informal at this stage. Osprey Funds declined to comment. A spokesperson of Coinbase said the company doesn’t comment on “rumors and speculation”.
Moreover, Coinbase following its April public listing and last week’s announcement of a $1.25 billion offering of convertible notes, undoubtedly coinbase has liquid assets. In recent years Coinbase exchange has on a steady possession trail. And purchased such crypto companies as prime broker Tagomi, infrastructure shop Bison Trails, and data platform Skew.
Furthermore, an online platform that serves over 30 million customers is Coinbase. Coinbase has facilitated the exchange of more than $150 billion worth of cryptocurrencies. Including retail exchange, Coinbase offers a variety of different products to its users. Accordingly, a wallet is provided by Coinbase that capable of storing multiple cryptocurrencies and tokens.
Henceforth, for Coinbase asset management might be a new business. Coinbase has billions of dollars in institutional assets under custody. Both the sources said the deal with osprey hasn’t been finalized.
Notably, a second person who asked to remain unidentified said,
“There’s a desire for asset management from the perspective of Coinbase”
Osprey Fund, well known for its bitcoin fund. Recently the news about launching a fun specializing in Polkadot is an alternative public blockchain to Ethereum. Moreover, Coinbase is the custodian for Osprey’s fund.
Even more, Osprey Funds competes with Grayscale. Grayscale resources are also under Coinbase custody.
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