Coinbase Custody Service Is Considering Storage for XRP and More Digital Assets
The Coinbase Custody storage service made an announcement on the 3rd of August, that it was exploring a range of new digital assets. They however made it clear that they were not considering the assets for trading. The announcement clearly stated the following:
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 new digital assets being explored are 37 in total and as follows:
Bitcoin Gold (BTG)
The team at Coinbase Custody went on to explain to their users that they might see public-facing APIs and other signs that indicate they are conducting engineering works to support these new digital assets. This however will not be an indication of 100% commitment of adding the digital assets and they will provide updates to their customers about the process and what to expect via their Twitter page.
Coinbase Custody is a storage service for institutional investors that provides a secure storage for crypto assets for institutions in both the US and Europe. They also hope to expand to Asia by the end of the year.
Coinbase has pioneered digital storage for the last 6 years and has a track record of being in custody of up to $20 Billion in crypto assets. This experience and expertise in the industry will allow the crypto exchange to offer the following additional unique features for its clients:
On-chain segregation of crypto assets
Split, offline private keys that require a quorum of geographically distributed agents to use cryptographic hardware to sign transactions