Coinbase Announces New Assets For Its Cryptocurrency Custodial Service

by 99Crypto

Coinbase is a wallet and exchange service based out of San Francisco, California. They made an announcement on August 3rd of 2018 stating they are exploring adding forty new assets to Coinbase Custody, their custodial service. The blog stressed adding crypto assets for storage purposes only and stated they will be added as safely and quickly as possible by Coinbase. Coinbase additionally said they are not considering adding any assets for trading at this time. According to the post, Coinbase chose to make this announcement both to the public and internally simultaneously to ensure they remained transparent with their customers regarding all future support regarding assets. The new assets Coinbase is considering for storage are Bitcoin Gold (BTG), Ripple (XRP), Cardano (ADA), EOS, Telegram, VeChain (VEN) and Monero. Coinbase made certain to note that adding any assets to Coinbase Custody does not indicate whether or not it will be added to any of the other products by Coinbase. They additionally stated that any asset being considered for trading has to pass the GDAX Digital Asset Framework. A statement was made by the exchange that indicators and public-facing API's may be seen by their customers as the company's intent to increase their support for new digital assets for the future. Coinbase is currently unable to commit as to when or if these assets are going to be available on Coinbase Custody. They will be providing their customers with updates regarding what they can expect as well as the process. The launch of Coinbase Custody occured on July 2nd of this year. Their main goal was to address their institutional investors main concern of security. The new service was created to handle a wide variety of security measures including robust cold storage reporting and auditing, geographically distributed transaction protection, offline, multi-sig and on-chain segregation of crypto assets. Coinbase is also planning to add segregated and secure hot wallets. The new launch of the custodial service has been secured through an independent broker, FINRA-member dealer with SEC compliance, Electronic Transaction Clearing(ETC).