The9 Limited (Nasdaq: NCTY) (“The9”), an established Internet company, today announced Coinbase Custody, a wholly owned subsidiary of Coinbase Global Inc. (Nasdaq: COIN) and one of the global leaders in qualified digital asset custody, as the custodian for The9’s digital assets, including Bitcoin.
The9 plans to deposit at Coinbase Custody part of its cryptocurrencies mined. The first batch will be 200 Bitcoin to be deposited into The9’s segregated cold storage account at Coinbase Custody, which is an institutional-grade offline cold storage solution. The9 plans to increase deposits into this custody account, from time to time, as The9 mines more cryptocurrencies.
Coinbase Custody is a fiduciary under NY State Banking Law and a qualified custodian. They are one of the largest custodians in the crypto industry; they store billions and have never lost client funds. All digital assets held in their secure custody solution are segregated and held in trust for the benefit of clients. Coinbase Custody maintains what it believes to be one of the industry-leading insurance policy to protect both online and offline assets across all of their products.
The9 will store the rest of digital assets in various cold wallets in line with its risk mitigation and management policies.