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Coinbase Custody is expanding its custody services to include dozens of additional cryptographic resources, such as XRP, EOS and Monero. Coinbase is improving custodial services to allow its institutional clients to securely store large amounts of cryptocurrencies.
Custody's Coinbase to cover additional cryptographic assets
On August 3, 2018, Coinbase announced that it was exploring the possibility of adding new crypto assets such as XRP, EOS and Monero to Coinbase Custody. The following chart shows additional resources:
Coinbase describes these custody services as follows,
Coinbase Custody is a combination of the proven Coinbase cabinet for cryptographic assets, an institutional broker-dealer and its reporting services , and a complete customer coverage program.
In this effort, Coinbase Custody is collaborating with ETC (Electronic Transaction Clearing). Their purpose is to provide custody services to selected financial institutions and hedge funds around the world.
ETC is registered by the Securities Exchange Commission (SEC) and is a member of the Financial Regulatory Authority. ETC deals with trade processing, custody and compensation.
The announcement also indicates that the new cryptocurrencies will not be added to other Coinbase products. To do this, they must first pass the Coinbase Digital Asset Framework. This process involves a review by an internal expert committee whose responsibility is to verify if a cryptographic asset meets the criteria established by the framework.
Investors demand reliable custody before allowing huge investments in the market
Bitcoin is already overcoming technical problems such as scalability. However, several obstacles remain which prevent large financial institutions from paying large amounts of money in the encrypted market. In fact, according to Robert Dykes, he writes:
Global institutional investors have 130 trillion dollars in assets under management. A small portion of what turns into a crypto will have a huge positive impact on an industry whose market capitalization remains below $ 300 billion.
However, to attract this kind of money into the market, Dykes adds: "The crypto industry must provide the structures and tools to which these skillful players are accustomed to."
he points out, custody is the biggest obstacle that discourages the participation of financial institutions. So it is encouraging that Coinbase is improving tools like Coinbase Custody to solve this important problem.
Do you think that resolving credit problems will release large amounts of money in cryptographic space? Let us know in the comments below.
Images courtesy of Shutterstock, Coinbase
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