Coinbase Selected As Sub Custodian By Evolve For Top-Notch Asset Protection

Key Points:

• Coinbase will act as sub-custodian for all digital assets held by the Bitcoin ETF, Ether ETF, and Evolve Cryptocurrencies ETF offered by Evolve Funds Group Inc.
• The move is aimed at providing secure investment solutions to investors seeking exposure to the daily price movements of Bitcoin and Ether.

Canadian financial firm Evolve has selected Coinbase as the sub-custodian for all digital assets related to its digital asset ETF, which is listed and traded on the Toronto Stock Exchange and has a value of $148 million, as per PR Newswire.

Evolve Funds Group Inc. has announced that Coinbase will act as sub-custodian for all digital assets, and this will be effective February 22, 2023. The Bitcoin ETF, Ether ETF, and Evolve Cryptocurrencies ETF offered by Evolve enable investors to access digital assets and trade on the TSX under the ticker symbols EBIT, ETHR, and ETC, respectively.

Collectively, these ETFs represent assets worth over $148 million, providing investors exposure to the daily price movements of Bitcoin and Ether in US dollars by leveraging the benefits of the exchange-traded fund structure’s creation and redemption processes.

Despite the sub-custodian appointment, there is no changes have been made to these ETFs’ investment objectives or strategies. Coinbase is one of the leading digital asset platforms, with over $100 billion in assets on the platform, 108 million verified users, and 245,000 ecosystem partners spread across more than 100 countries. The platform enables users to securely invest, spend, save, earn, and use cryptocurrencies.

This move is aimed at providing secure investment solutions to investors seeking exposure to the daily price movements of Bitcoin and Ether.

According to previous news in February 2021, Evolve Funds Group Inc. (“Evolve”) was announcing the launch of the Bitcoin ETF (“EBIT”). EBIT had closed its initial offering of units and would begin trading on the Toronto Stock Exchange (“TSX”) then under the ticker symbol EBIT.

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