"Objection, evasion, joyous distrust, and love of irony are signs of health; everything absolute belongs to pathology.”

-Friedrich Nietzsche

Grayscale Selects Coinbase Custody as Custodian

So, a brief follow up to the insight I posted a couple days ago regarding Grayscale and the cold storage company Xapo. As irony would have it, it appears as though Xapo may be the company on the losing end of todays announcements.

As of a few hours ago, both Grayscale and Coinbase Custody made public statements announcing that Barry and Brian's companies will begin a new business relationship. Effective July 29, 2019 Coinbase Custody will serve as custodian for Grayscale’s single-asset investment products and their underlying assets in Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar, XRP, and Zcash.

What this means for the current custodian to Grayscale, Xapo, remains to be seen. Though I'm inclined to assume that they may be bidding farewell to Barry and friends due to this line at the end of the announcement on Grayscale's website.

But so far I have not seen anything confirming this. At the same time there is no mention (that I can find) of Coinbase having purchased Xapo's custody business. Nonetheless, it would seem as though some parts of past rumors were valid. Either way, this is a major win for Coinbase. Although, if I were a Grayscale client I would be wondering what kind of access the Neutrino team will have, or take, once the Grayscale book is in-house?