Purpose Investments Appoints Coinbase as Additional Sub-Custodian for Crypto Funds

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Global Digital Asset Management Leader Enhances Custodial Services to Provide Best-in-Class Structure for Investors

TORONTO, May 16, 2023 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose Investments” or “Purpose”) today announced that Coinbase Custody Trust Company, LLC. (“Coinbase”), a New York State chartered limited purpose trust company, a subsidiary of Coinbase Global Inc. and one of the world’s largest and most-trusted institutional digital asset custodians, will act as an additional sub-custodian for the funds it manages, which hold digital assets (the “Crypto Funds”) effective as of May 15, 2023.

Purpose has entered into an agreement with Coinbase pursuant to which Coinbase will act as an additional sub-custodian for the Crypto Funds. Coinbase is licensed by the New York State Department of Financial Services. Coinbase Global Inc. is a publicly traded company with assets in excess of $100 billion.

“Digital assets offer investors the potential to get early exposure to assets that might power the future of the finance sector, but as the asset class matures, finding safe and reputable ways to invest in cryptocurrency is critical,” says Nick Kuriya, Head of Crypto at Purpose. “When we launched the world’s first spot Bitcoin ETF, we did so to provide investors with a secure way to get exposure to this emerging asset class. Our engagement with Coinbase reflects our deep commitment to ensuring that our ETFs remain the best way to access the long-term returns of crypto safely.”

Key Benefits

  • Assets will continue to be held in segregated cold storage wallets.
  • Assets will never be lent out or re-hypothecated.
  • Purpose offers a dual sub-custody structure with two qualified institutional custody providers (Gemini and Coinbase).

Purpose is a global leader in digital asset management, offering four crypto funds, including the world’s first spot Bitcoin ETF (Purpose Bitcoin ETF; TSX: BTCC), the first spot Ether ETF (Purpose Ether ETF; TSX: ETHH), and the first actively management covered call crypto ETFs (Purpose Bitcoin Yield ETF; TSX: BTCY and Purpose Ether Yield ETF; TSX: ETHY). These funds are designed to provide investors with easy and secure ways to get exposure to digital assets. The AUM of the funds managed by Purpose that hold digital assets is approximately $1.2 billion.

For more information about Purpose’s digital asset suite, please visit: https://www.purposeinvest.com/crypto/crypto-funds. For access to timely research and digital asset thought leadership, please check out its cryptocurrency education hub, Purpose Crypto Corner.

About Purpose Investments

Purpose Investments is an asset management company with more than $16 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent, technology-driven financial services platform that is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.

About Coinbase

Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

For further information, please contact:
Keera Hart
[email protected]
905-580-1257

Commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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