Coinbase just quietly moved $5 Billion in Crypto

[StoneDragon]

Coinbase Moves $5 Billion, Reports Largest Crypto Transfer on Record

Major cryptocurrency exchange and wallet Coinbase recently made what it claims is the largest transfer of crypto on record, a company blog post reports Dec. 19.

According to the post, 5 percent of all Bitcoin (BTC), 8 percent of all Ethereum (ETH), and 25 percent of all Litecoin (LTC), along with “many other assets” were moved to new cold storage infrastructure in what the firm “believes is the largest crypto migration on record.”

Coinbase reports that last week, the firm “completed an on-blockchain migration of approximately $5 Billion (as valued the week ending Dec. 7, 2018) of cryptocurrency from Generation Three to Generation Four of our cold storage infrastructure.”

Source: https://cointelegraph.com/news/coinbase-moves-5-billion-reports-largest-crypto-transfer-on-record

[Ollarfreeman]

That's something good to read about

[wry]

It think it's good that Coinbase is upgrading their cold storage practices.  One of the things that keeps being cited as a reason for holding up financial instruments like the Bitcoin ETF are custodial services.  I had to figure that Coinbase kept its coins safe, I'm glad they've found a way to keep them even safer.  Hopefully, this will meet regulatory muster and 2019 will see even more innovation in the Bitcoin financial instrument area!

[bmg]

That's a heavy load of crypto currency.  I think its a smart move to keep the coins safe. way to go Coinbase.

[williamshennie9]

At least people who hold coins with coinbase can be rest assured that coinbase is doing everything in their power to safeguard coins

[Rantly]

pretty crazy how rich these companies are, and it blows my mind if bitcoin drops by 1% how much money they lose!

[Etude]

To move $5 Billion in terms of fiat currency in the current banking systems would have incurred a phenomenal fee plus the delays of processing while this being in cryptocurrency really starts to show what convenience and also the bright future of cryptocurrencies becoming a mainstream payment medium!

[lenra609]

Wow I don't even know how to count that 5 billion haha. That is a very huge amount of crypto currency. Coinbase is already a very stable crypto bank aside from establishing their office now moving those cryptos to a more secure place. Thank you coinbase for making our hard earned cryptos safe and more power.  

[Kristoffff]

On 12/23/2018 at 7:34 AM, Rantly said:

pretty crazy how rich these companies are, and it blows my mind if bitcoin drops by 1% how much money they lose!

Them having moved that amount doesnt mean they own 5 billion. Its money of their customers mainly I reckon.

Afaik theyre mainly a facilitator to buy crypto and they shave off fees each time u buy or sell crypto or transfer them.

[DreamStage]

Im glad to hear that sort of news coming from Coinbase since it's my main exchanger for both deposit and withdraw transactions. I've been using it for a while now and it never disapointed me except for one time where transactions where very very slowly due to the incoming's Bitcoin fork. Latest but not least that approch on moving their funds into other cold storage is a great +1 to everyone using Coinbase as they now know security has become even better against any sort of old attempts.

[Brunkey]

Coinbase is a good platform to buy and sell cryptocurrency i use Coinbase a few years ago. 

[HumberRolls]

Thank you for the information

 

[yololife222]

Woow thats hugge, great place to hidde cash:)

Thankyou for the information man. ❤️

[Kate]

Well good to see that it's an unofficial world record holder. But 5 Billion Dollars ? Woah that's a lot of Bitcoin especially at this rate of Bitcoin to USD price.