Canadian Financial Firm Evolve Appoints Coinbase as Sub-Custodian for $148 Million Digital Asset ETF

02/23/2023 01:14 • Metaverse Matters • 138 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

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Evolve, a Canadian financial firm, has appointed Coinbase as sub-custodian for all its digital assets, including a $148 million digital asset ETF listed on the Toronto Stock Exchange. The move is significant for both companies and the ETF industry, as it marks the first time a cryptocurrency exchange has been appointed as a sub-custodian for traditional financial assets.

As a sub-custodian, Coinbase will be responsible for the safekeeping and management of the digital assets underlying the ETF. This move is a significant development for Coinbase, as it marks its expansion into the traditional finance space. The company has been known for its services in cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. This appointment will give Coinbase access to the ETF market, and it could entice other traditional financial institutions to partner with the cryptocurrency exchange.

Evolve’s decision to appoint Coinbase as a sub-custodian comes as the company seeks to expand its presence in the digital assets’ industry. The $148 million Evolve Bitcoin ETF was launched in February 2021, and it was the second Bitcoin ETF to be approved in Canada. The ETF’s objective is to provide investors with exposure to Bitcoins’ price movements without having to own the cryptocurrency directly. The ETF trades on the Toronto Stock Exchange under the ticker symbol EBIT.

The move to appoint Coinbase as a sub-custodian for the ETF also sends a powerful message to regulators, indicating that cryptocurrency exchanges are becoming increasingly trusted and are integrating with traditional financial institutions. The appointment also highlights the maturation of the cryptocurrency industry, as traditional financial institutions are now starting to see the value in digital assets.

In conclusion, Evolve’s appointment of Coinbase as a sub-custodian for their $148 million digital asset ETF listed on the Toronto Stock Exchange is a significant development for both companies, the cryptocurrency industry, and the traditional financial market. This move is an indication that digital assets are gradually becoming integrated into the mainstream financial market, and it is a sign of the maturation of the cryptocurrency industry.

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