Komainu has been selected by cryptocurrency ETP provider CoinShares to act as custodian for its digital assets.

Komainu is responsible for the safe keep of digital assets that physically back the XBT Provider family of cryptocurrency ETPs.

The custodian is a joint venture between investment bank Nomura, digital asset security firm Ledger and CoinShares International.

The ETPs has $722.5m of assets under management, as of 23 July.

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Townsend Lansing, head of product at CoinShares, commented: “The digital asset ecosystem is always evolving rapidly, and safe custody of assets is of the utmost importance for our investors and a prerequisite 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.”

CoinShares has made several significant hires in 2020 including the appointment of former ETF Securities duo, Townsend Lansing and James Butterfill, and Frank Spiteri as the firm's chief revenue officer