{"id":334012,"date":"2024-06-29T15:12:39","date_gmt":"2024-06-29T09:42:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=334012"},"modified":"2024-06-29T15:54:19","modified_gmt":"2024-06-29T10:24:19","slug":"vaneck-names-coinbase-additional-custodian-for-bitcoin-etf-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/vaneck-names-coinbase-additional-custodian-for-bitcoin-etf-crypto-news\/","title":{"rendered":"VanEck Names Coinbase Additional Custodian For Bitcoin ETF – Crypto News"},"content":{"rendered":"

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On Friday, June 28, VanEck announced a significant update to its Bitcoin Trust by naming Coinbase as an additional custodian for its HODL Bitcoin ETF<\/a>. The agreement outlines specific terms and safeguards aimed at securing the ETF issuer\u2019s Bitcoin holdings. Moreover, this marks a major feat for Coinbase that was already serving as custodian for eight Spot Bitcoin ETFs, including those by BlackRock, Bitwise, and Grayscale.<\/p>\n

VanEck\u2019s Terms For Handling Of HODL Bitcoin ETF Reserve<\/h2>\n

The newly added custodian, Coinbase, is tasked with holding the VanEck Bitcoin Trust primarily in cold storage. This method ensures the Bitcoin is stored offline, enhancing security against potential cyber threats. Moreover, the only exception to this cold storage requirement is when Bitcoin needs to be temporarily moved to facilitate withdrawals.<\/p>\n

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The SEC filing<\/a> notes that Coinbase will maintain segregated cold storage Bitcoin addresses exclusively for the VanEck\u2019s BTC. These addresses, which are verifiable via the Bitcoin blockchain, will be separate from those used for Coinbase\u2019s other customers. In addition, this segregation aims to provide an additional layer of security and transparency. This ensures that VanEck\u2019s Bitcoin holdings can be directly verified on the blockchain.<\/p>\n

Additionally the agreement emphasizes Coinbase\u2019s responsibility to record and identify in its books that the Bitcoin it holds belongs to the Trust. Furthermore, Coinbase<\/a> is prohibited from withdrawing, loaning, hypothecating, pledging, or encumbering the Trust\u2019s Bitcoin without explicit instruction from the Trust.<\/p>\n

VanEck has evaluated Coinbase\u2019s policies, procedures, and controls designed for the safekeeping of the Trust\u2019s Bitcoin. While these measures are consistent with industry standards, VanEck acknowledges that it does not control Coinbase\u2019s operations or implementation of these protocols. Consequently, there is no absolute assurance that the measures will be foolproof in protecting the Trust\u2019s assets from theft, loss, or damage.<\/p>\n

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Coinbase has arranged for insurance to cover customer assets against specific events like fraud or theft. However, this insurance does not protect against any loss in Bitcoin value and is shared among all of Coinbase\u2019s customers.\u00a0 Earlier, VanEck had chosen the Gemini exchange as its primary custodian during the January Bitcoin ETF launch.<\/p>\n

Also Read:\u00a0Pepe Coin Price Soars As VanEck Shares Cryptic Frog Meme Post<\/a><\/strong><\/p>\n

Solana ETF Application<\/h2>\n

Earlier, on June 27, VanEck made headlines with its Solana ETF application. The investment firm submitted a Form S-1 filing to the U.S. Securities and Exchange Commission, aiming to establish a Solana Trust. This trust is intended to support an exchange-traded fund (ETF) that tracks Solana\u2019s spot price. If the proposal receives approval, the Solana ETF will be traded on the Cboe BZX Exchange.<\/p>\n

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Furthermore, Matthew Sigel, who leads digital asset research at VanEck, shared his enthusiasm regarding the launch of the first Solana ETF in the United States. Sigel pointed out that SOL, Solana\u2019s native token, serves a role akin to that of digital commodities like Bitcoin and Ethereum.<\/p>\n

In addition, he noted, \u201cIt is utilized to pay for transaction fees and computational services on the blockchain. Like ether on the Ethereum network, SOL can be traded on digital asset platforms or used in peer-to-peer transactions.\u201d Subsequently, on June 28, 21Shares<\/a> filed for a Spot Solana ETF.<\/p>\n

Also Read:\u00a0VanEck\u2019s Spot Solana ETF Can Face SEC Rejection Due to One Huge Risk<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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On Friday, June 28, VanEck announced a significant update to its Bitcoin Trust by naming Coinbase as an additional custodian for its HODL Bitcoin ETF. The agreement outlines specific terms and safeguards aimed at securing the ETF issuer\u2019s Bitcoin holdings. Moreover, this marks a major feat for Coinbase that was already serving as custodian for […]<\/p>\n","protected":false},"author":2,"featured_media":159082,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-334012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/334012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=334012"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/334012\/revisions"}],"predecessor-version":[{"id":334024,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/334012\/revisions\/334024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/159082"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=334012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=334012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=334012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}