Coinbase Custody Exploring Support For 37 New Coins and Tokens
Coinbase's custody solution has revealed 37 new coins and tokens it is considering adding to its custody solution. These coins will not necessarily be available for trade on Coinbase or Coinbase Pro.
Coinbase’s has announced that it is considering increasing the variety of cryptocurrencies on its custodial service for institutional investors, Coinbase Custody.
Coinbase Custody is exploring a range of new assets
In a Medium post published last month, Coinbase Custody revealed that it is considering the addition of 37 new digital assets to the platform.
Product Lead of Coinbase Custody, Sam McIngvale, wrote in the Medium announcement:
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. 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.”
The announcement showed a list of 37 new digital assets, including:
- Bitcoin Gold (BCG);
- EOS (EOS);
- NEO (NEO);
- Ripple (XRP);
- Cardano (ADA);
- Monero (XMR);
- VeChain (VEN); and
- Telegram (TON) among others.
The company also confirmed they are delving into several ERC20 tokens for Coinbase Custody storage in addition to the digital assets listed above.
The exploration is for storage only
The announcement stated explicitly that custody is only exploring these digital assets “for storage only” and will be adding them as quickly and safely as possible.
According to the Medium announcement, Coinbase Custody is not yet considering these digital assets for trading. Coinbase Custody announced:
“These assets are only being considered by Custody at this time, and this announcement has no bearing on trading-based products.”
This announcement was made shortly after the custody service stated before that it will likely support more assets than those available to trade through other Coinbase products.
Coinbase has further clarified that the digital assets being considered for storage have “no bearing on whether they will be added to other Coinbase products.”
No specific time for listing
Although Coinbase Custody announced the full list of digital assets undergoing survey, it refused to commit as to when or whether these assets will become available on Coinbase Custody.
The announcement, however, promised to provide updates to customers of the service about the process and what they can expect from the listings via its official Twitter account.
According to the announcement, before digital assets are listed for trading on the platform, they must pass the GDAX Digital Asset Framework of Coinbase Custody.
What is Coinbase Custody?
Coinbase launched the Coinbase Custody on July 2, 2018, as a custodial service for institutional clients optimized for storing large amounts of cryptocurrency in a highly secured and insured manner.
According to Coinbase, the aim of the custodial service is to address the “number one” concern of institutional investors, namely, security.
Coinbase Custody utilizes a variety of security measures including on-chain segregation of crypto assets, offline, multi-sig and geographically distributed transaction protection, as well as robust cold storage auditing and reporting.
The company also announced that it plans to add secure, segregated hot wallets in future.
The service plans to have more than 100 institutional customers and store at least $20 billion under custody by the end of 2019.
Coinbase Custody currently counts the funds of Autonomous Partners, Polychain Cap, and Multicoin Cap among its custody customers.