As of last check, The9 Limited (NCTY)’s shares were trading at $17.90, down -2.29% in premarket session. The9 stock closed Wednesday’s session at $18.32, down -1.51%. NCTY stock volume stayed at 1.82 million shares, which was lower than the average daily volume of 2.79 million shares in the past 50 days. After announcing a custody account, NCTY stock first rose and then dropped in premarket trading.
NCTY opened custody accounts with whom?
China-based online technology company The9 Limited was listed on the Nasdaq in 2004. As a high-tech company specializing in the Internet, The9 strives to diversify.
The9 announced today that Coinbase Custody will be the custodian of NCTY’s digital assets, including Bitcoin.
- Coinbase Custody is a wholly-owned subsidiary of Coinbase Global Inc. (Nasdaq: COIN) and a global leader in qualified digital asset custody.
- NCTY plans to deposit part of its mined cryptocurrencies at Coinbase Custody.
- To begin, NCTY will deposit 200 Bitcoins into Coinbase Custody’s segregated cold storage accounts, which are business-grade offline cold storage solutions offered by the company.
- As a fiduciary under New York State Banking Law, Coinbase Custody is qualified to hold money on behalf of its clients.
- Their client funds have never been lost, even though they store billions.
- Clients’ digital assets are held in trust for their benefit through their secure custody solution.
- Coinbase Custody believes it has one of the most comprehensive insurance policies in the industry for protecting online and offline assets, across all of their products.
NCTY’s digital assets policy:
The9 (NCTY) plans to deposit more cryptocurrencies into this custody account as more cryptocurrencies are mined. According to NCTY’s risk mitigation and management policies, the remainder of digital assets will be stored in cold wallets.
