SPiCE VC, one of the first digital securities in the world, has just announced that its token ‘SPICE’, will now benefit from new support through Coinbase Custody. This partnership will allow investors who hold tokens to have a safe and accessible home to store their SPiCE assets.
Custody solutions have long been noted as a major hurdle needed to be cleared, for digital assets of any kind, this is fast becoming an issue of the past.
In the past year, markets have seen the rise of various prominent service providers developing solutions to serve this need. The following are a few of those leading the way for custodial services,
The SPiCE fund is structured to provide investors with access to high-potential startups within the blockchain industry. The following are a few of the companies which populate this fund.
SPiCE VC notes that since the fund's creation in 2018 the fund itself has gone on to perform quite well, providing investors with a “value appreciation of 65%”. Unfortunately, this is not reflected in the token price, likely due to the inability to trade the token – SPiCE is currently only available for trading on Openfinance.
Upon announcing this collaboration, representatives from each SPiCE and Coinbase Custody, took the time to comment.
Steven Capozza of Coinbase Institutional Coverage Group, states,
“We recognize Digital Securities as an area of significant growth, and chose SPICE because they are the first mover and positioned to be defacto standard in the tokenization of VC assets.”
Tal Elyashiv, Managing Partner of SPiCE VC, states,
“We’re thrilled to work with Coinbase Custody to provide, safe, secure and regulated custody solutions so investors have a reliable service to not only store their SPICE tokens, but to deposit and withdraw them as well…Reliable custody solutions like those from Coinbase Custody are essential in achieving mainstream adoption within the digital security marketplace. Today’s announcement marks another major milestone in the evolution of this growing asset class.”
Founded in 2017, SPiCE VC is a promising company, looking to change the way we invest, through the use of digital securities. SPiCE tokens were, notably, the 4th digital security to ever have been created, making the fund and its creators true pioneers within the sector.
Managing Partner, Tal Elyashiv, currently oversees operations at SPiCE VC.
Based out of Seattle, Coinbase is a service provider for digital assets. Since its launch, Coinbase has established itself a leader in the sector through solutions based on trading, custody, and more.
CEO, Brian Armstrong, currently oversees operations at Coinbase.