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.