Coinbase May Add More Crytoassets To Its Custody Service

August 14, 2018
48 Views


The list of coins available for storage at Coinbase Custody may soon increase. In a blogpost, the San Francisco-based company stated that it was exploring the addition of “many existing and forthcoming assets” to its service. It had earlier stated that it was exploring the addition of Ethereum tokens for custody on its platform.  

Coinbase’s news follows similar announcements regarding addition of new coins by other custody services in the market. For example, Gemini, the custody service run by the Winklevoss twins, recently announced the addition of privacy coin zCash to its service while France-based custody services provider Ledger said it intends to scale to 100 coins by the end of 2020. Ledger cited increased demand from institutional investors for coins as reason for its goal. (See also: ‘100 Tokens By 2020’: Ledger Expands Its Services). 

A Diverse List Of Assets  

The list of assets that Coinbase custody is considering adding to its services is big and diverse and includes the likes of Ripple token XRP, privacy coin Monero, and Bitcoin Gold. The image below displays the list of coins that the service is considering for addition to its service.

Coins that do not have clearly-defined business models or utility cases, such as Dogecoin, are also being considered for custody services. But their addition to custody services does not mean that they will be available for trading. “Asset additions to Coinbase Custody have no bearing on whether they will be added to other Coinbase products,” the company wrote in its post making the announcement. (See also: Coinbase Tries To Reel In Institutional Investors). 

Coinbase, which has ambitions to become the Google of cryptocurrencies, uses a Digital Asset Framework to evaluate cryptoassets before making them available for trading on its platform. Amongst these criteria are governance, scalability, regulation, and reputational risk. Four cryptocurrencies are available for trading and custody on Coinbase’s platform, so far. They are Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns small amounts of bitcoin and litecoin. 



Source link

You may be interested

From the September issue: ICO Age
ICO News
10 views
ICO News
10 views

From the September issue: ICO Age

Editor - September 26, 2018

[ad_1] Asia has today become a hotspot for initial coin offerings in the past year or so. This has led…

Coinbase Adds Fannie Mae’s Brian Brooks As Chief Legal Officer
Coinbase News
15 views
Coinbase News
15 views

Coinbase Adds Fannie Mae’s Brian Brooks As Chief Legal Officer

Editor - September 26, 2018

[ad_1] Continuing its recent hiring spree, the Coinbase exchange has added Brian Brooks to its legal team as the firm’s chief…

My Current Bitcoin Prediction | Let’s Talk 1 on 1
Video
12 views
Video
12 views

My Current Bitcoin Prediction | Let’s Talk 1 on 1

Editor - September 26, 2018

Join The 'BTCKYLE' Patreon Community: ▻ https://www.patreon.com/BTCKYLE Bitcoin Basics Trading Videos (Highly recommended): ... source

Leave a Comment

Your email address will not be published.