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30/07/24
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DigitalX Makes Coinbase the Custody Provider for Its New Bitcoin ETF in Australia
Coinbase has continued to be a favorite when it comes to custody of spot crypto ETFs across the world. The crypto exchange has become a custody partner for a Bitcoin ETF in Australia. DigitalX Bitcoin ETF (BTXX) issuer DigitalX has chosen Coinbase to be BTXX’s custody provider, as highlighted in the spot BTC ETF’s fact sheet.
Coinbase also announced the development yesterday, noting that it will deliver custody and “advanced trading execution services” for the ETF via its institutional-grade exchange platform, Coinbase Prime.
The focus of Coinbase Prime is on the provision of “sophisticated storage solutions” for holders of large cryptocurrency holdings. BTXX was launched about two weeks ago with the aim of providing returns that mirror Bitcoin’s performance by maintaining long-term Bitcoin holdings.
“The fund is intended to be a passive holder of Bitcoin and will not buy and sell Bitcoin other than to facilitate redemptions and creation of Bitcoin interests,” reads the ETF fact sheet. After it was listed on ASX, it became the second spot Bitcoin ETF to be approved on the stock exchange. VanEck’s Spot Bitcoin ETF, launched last month, was the first to be listed on ASX.
Coinbase is known for its provision of infrastructure to spot Bitcoin ETFs across the world, as it is a partner and custody provider for ten spot Bitcoin ETFs as well as eight spot ETH ETFs in the United States.
“With a track record of over 12 years safekeeping digital assets at scale, we have developed the leading institutional-grade custody solution and will continue to maintain our company-wide approach to being the safest, easiest, and most trusted bridge to the crypto economy,” said Coinbase.
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