Last month the hugely popular cryptocurrency wallet and exchange platform, Coinbase, launched its new ‘Custody’ service.
The service is designed to make crypto investment available to a large number of financial institutions and hedge funds and initially launched with support for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Now the California-based exchange has announced they will be looking into adding a further 40 or more digital assets to the Coinbase Custody portfolio. Amongst the new range is the world’s third-largest cryptocurrency by market cap, Ripple (XRP), and other top ten additions including Stellar Lumens (XLM), EOS and Cardano (ADA).
The news means potentially a much larger group of investors will be able to have their asset of choice added to the portfolios of large financial organizations. Institutional funds are legally required to utilize the services of a custodian such as Coinbase to protect any assets they hold. With the use of highly secure cold storage systems, Coinbase can ensure the safety of all digital assets its stores.
At this time Coinbase is only looking to add the assets for storage and has not yet begun to look into trading of them. Some of the additional cryptocurrencies that the exchange will be considering for Custody include:
ZCash, QTUM, Bytecoin, Bitcoin Gold, Decred, Siacoin, Dogecoin, NEM, NEO, DASH, Monero, VeChain, Tezos, Steem, Ontology, ICON, Nano, and Wanchain.
Earlier this month Coinbase registered a Political Action Committee (PAC), a platform usually created to raise funds for a political party or cause in the United States. As of yet they have not clarified specifically what the PAC will be in support of.
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