Coinbase announced on its website last August 3 that its custodial service Coinbase Custody was mulling over the addition of several new crypto assets.
The firm’s blog post emphasizes that the assets may be added for storage purposes only and that Coinbase will add them “as quickly and safely as possible.” Coinbase also says it is currently not considering these assets for trading.
New Assets On The Horizon
The firm is considering adding Ripple (XRP), EOS, Monero (XMR), VeChain (VEN), Cardano (ADA), Bitcoin Gold (BTG), and Telegram among others.
While Coinbase already noted that the addition of an asset to its custodial service is not indicative of whether the asset will be added to other Coinbase products, the firm also stated that assets under consideration for trading must pass the GDAX Digital Asset Framework.
Coinbase added that customers may see changes such as new public-facing APIs that indicate that the firm is adding support for new digital assets. The company is currently unable to give a concrete time frame on when the new assets would be added to Coinbase Custody but promised to deliver updates on the process.
Coinbase Custody was launched on July 2 and is aimed at addressing the security concerns of institutional investors. The new service utilizes a wide range of security solutions such as “on-chain segregation of crypto assets,” “offline, multi-sig and geographically distributed transaction protection,” and “robust cold storage auditing and reporting” to secure customer assets. The company also reportedly plans to add “secure, segregated hot wallets.”
The newly launched custodial service also uses SEC-compliant and FINRA-member independent broker-dealer Electronic Transaction Clearing(ETC).
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