CoinShares adopts Komainu custody solution to safeguard XBT Provider’s ETP digital assets
Institutional digital asset custody specialist Komainu is to serve as the custodian of all digital assets held by CoinShares Capital Markets including those used to physically back the XBT Provider family of exchange traded products (ETPs).
The ETPs, offered under the XBT Provider brand, have approximately USD722.5 million of assets under management as of 23 of July 2020, and are available for trading throughout Europe on Nasdaq OMX Stockholm, Nordic Growth Market, and Boerse Stuttgart. As an asset manager in a nascent asset class, CoinShares aims to use Komainu’s innovative, proprietary technology to provide investors with security, trust, and transparency.
Komainu is a joint venture between investment bank Nomura, digital asset security firm Ledger and CoinShares International. Regulated by the Jersey Financial Services Commission, Komainu is the first hybrid institutional-grade custody platform that seamlessly integrates with legacy financial technology while providing decentralised and secure digital asset custody solutions to clients.
Townsend Lansing, Head of Product at CoinShares, says: “The digital asset ecosystem is always evolving rapidly, and safe custody of assets is of the utmost importance for our investors and a pre requisite for us. We periodically review our third party relationships, as it is our duty to ensure our products are backed by the best infrastructure and expertise available. We are excited to work with Komainu, and as the XBT Provider platform marks its 5th year of operation, we believe their unique offering and deep understanding of digital asset markets will best serve our investors’ interests going forward.”
Kenton Farmer, Head of Operations at Komainu, says: “We are happy to welcome CoinShares Capital Markets as a client, and to support them in their mission to grow XBT Provider, Europe’s largest exchange-traded digital asset platform. By providing a fully flexible custodial service, Komainu not only focusses on providing safe keeping for their digital assets, it can provide them ready access, allowing CoinShares Capital Markets to focus on their day to day business. This is achieved thanks to our bespoke customer-oriented solution, combining best of breed security, underpinned by a strong policy and procedural framework. We look forward to accompanying CoinShares Capital Markets whilst they continue with their successful journey.”