Coinbase have recently announced their plans to add custody support for 40 cryptocurrencies, including, XRP, NEO, Ontology and many other major cryptocurrencies. Coinbase is one of the largest cryptocurrency exchange platforms in the world. They currently support Bitcoin, Bitcoin Cash, Ethereum and Litecoin, with upcoming assort for Ethereum Classic. Well now Coinbase custody are planning support for 40 cryptocurrencies on top of this.
On Friday, Coinbase announced it “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.” With plans to feature support for a further 40 digital assets.
Institutional funds are required by law to use a custodian to hold their assets, the custodian service protects said funds from theft and charge a fee for this service. Coinbase act as a custodian for their the four cryptocurrencies offered on their platform and currently charge 0.1% in addition to a $100,000 set up fee. The minimum amount stored must be $10 million
Coinbase planning support for 40 cryptocurrencies.
Compared with all the other cryptocurrency exchanges Coinbase has arguably the lowest amount of digital assets available to its users, however, they still boats one of the largest user bases compared with their competitors. Should Coinbase add support for an additional 40 cryptocurrencies via their custody service, this may lead to addition of the same currencies to their other platforms. Such as the standard exchange or Coinbase Pro. Although this is not guaranteed as Coinbase have announced their custody service is likely to hold more funds than their other trading platforms.
Coinbase Custody is a custodial service for institutional clients optimized for storing large amounts of cryptocurrency in a highly secure way. As we’ve stated before, Coinbase Custody will likely support more assets than those available to trade through other Coinbase products.
A Coinbase spokesperson declined to provide a specific timeframe for when exactly the additional digital assets will be available. The company also says plans to add all 40 of the assets are not guaranteed, they are simply exploring the option of these set assets.
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