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Purpose Investments Adds Coinbase as Custody Partner to Safeguard Crypto Funds for Investors

May 17, 2023 by Fintech Newsdesk Leave a Comment

Institutional-grade custody is vital for investors entering the world of digital assets and cryptocurrencies as it provides a safe and secure environment for their investments. Such custody options have taken on heightened importance for asset management companies in light of industry developments.

Toronto-based Purpose Investments, an asset management firm with $1.2 billion of digital assets under management, has enhanced the security of its crypto funds by selecting the custody arm of Coinbase, a major global crypto company, as a sub-custodian for its crypto funds.

Coinbase is added to Purpose’s existing partnership with Gemini. Coinbase and Gemini are both qualified institutional custody providers based in the U.S.

Purpose made waves in the crypto space in early 2021 when it launched the Purpose Bitcoin ETF, making it the first company to gain regulatory approval for such a digital asset fund in North America.

The firm currently offers investors a variety of crypto funds, including the Purpose Bitcoin ETF as well as the first spot Ether ETF and the first actively managed covered call crypto ETFs. These funds are designed to provide investors with easy and secure ways to gain exposure to digital assets in their investment portfolios.

Nick Kuriya, Head of Crypto at Purpose, emphasized the importance of Purpose providing investors with a secure and reputable means of investing in cryptocurrencies as the asset class continues to evolve. The collaboration with Coinbase reinforces the firm’s commitment to ensuring its ETFs remain the most secure choice for long-term crypto returns.

Further details on Purpose’s digital asset funds suite are available online.

Filed Under: News Tagged With: Purpose Investments

 
 
 

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