Coinbase Custody Considers Addition of 37 New Assets Including XRP, EOS and XMR



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San Francisco-based exchange and wallet service Coinbase announced today, Aug. 3 that it is exploring the addition of 40 new assets to its custodial service, Coinbase Custody.

The blog post stresses that the crypto assets may be added “for storage only,” and that Coinbase will add them “as quickly and safely as possible.” Coinbase states that they are not currently considering the assets for trading. According to the post:

“We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.”

Among the new assets being considered for storage are Ripple (XRP), EOS, Monero (XMR), VeChain (VEN), Cardano (ADA), Bitcoin Gold (BTG), and Telegram.

Coinbase noted that the addition of an asset to Coinbase Custody is not indicative of whether it will be added to other Coinbase products. It also states that assets under consideration for trading must pass the GDAX Digital Asset Framework.

The exchange states that customers may see public-facing APIs and other indicators that Coinbase is in the process of adding support for new digital assets. Coinbase “…cannot commit to when or whether these assets will become available on Coinbase Custody, we will provide updates to our customers about the process and what they can expect…”

Coinbase Custody launched on July 2 of this year, aiming to address the “number one” concern of institutional investors, namely, security. The new service purportedly utilizes a range of security measures including “on-chain segregation of crypto assets,” “offline, multi-sig and geographically distributed transaction protection” and “robust cold storage auditing and reporting.” The company also plans to add “secure, segregated hot wallets.”

The recently launched custodial service is also secured through an SEC-compliant and FINRA-member independent broker-dealer, Electronic Transaction Clearing(ETC).

Coinbase Is Considering Adding Institutional Custody Support for XRP, EOS, XMR,

On Friday (3 August 2018), Coinbase announced via its blog that its institutional custody service (“Coinbase Custody”) is “exploring a range of new assets”, including XRP, EOS, XMR, and NEO. This news is important because many institutional investors will are reluctant to invest in cryptos that don’t have adequate custodial support.

Coinbase Custody, which offically opened for business on 2 July 2018, currently supports only four digial asset types: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC). However, around 20:36 (UTC) today, it sent out the following tweet:

The announcement on Coinbase’s Medium blog provided more details.

A list of 34 cryptocurencies, including XRP, EOS, and NEO, were being considered:

The announcement was careful to stress that Coinbase had “not yet considered these assets for trading.” And that Asset additions to Coinbase Custody have no bearing on whether they will be added to other Coinbase products.

However, this news is still quite significant for the crypto space since there is now more chance than there was before this announcement that one or more of these cryptocurrencies will receive custodial support from Coinbase in the future, which would definitely be good news for that/those cryptocurrencies since some/many institutional investors (such as crypto index funds) are reluctant to invest in cryptocurrencies that do not have institutional custody support.