Coinbase has just added XRP to its custody service website
Coinbase has just added the XRP digital currency to its custody service. XRP is one of nine digital resources now available to be archived via Coinbase Custody.
The San Francisco-based exchange has quietly added XRP to its custody service early this morning.
XRP is a digital token designed specifically for use in remittance and settlement services. As the third digital currency in the world by market capitalization, XRP aims to optimize financial transfers around the world, reducing costs and accelerating payments.
The addition of XRP to Coinbase Custody is unique because Coinbase does not currently list XRP in its exchange. You can archive XRP in Coinbase Custody, but you can not purchase XRP from the Coinbase exchange. Only one other resource, the OmiseGO token (OMG), shares this feature.
XRP has generated criticism for being closely linked to Ripple, an international financial services company that is actively collaborating with banks around the world. Ripple (probably) created the XRP digital currency several years ago. Today, Ripple (unquestionably) controls most of the existing XRP tokens. Some argue that XRP tokens are unrecorded titles because they increase and decrease with Ripple's actions. Others (including Ripple) state that XRP is sufficiently decentralized.
This controversy dismissed XRP from exchanges such as Coinbase. XRP is not available for trading on the main Coinbase trading platform.
Coinbase Troll Ripple used the Ripple logo?
The Coinbase Custody website seems to be treating Ripple with its XRP ad. Involving the addition of XRP to the Coinbase custody service, Coinbase chose to use the Ripple logo, which is different from the XRP logo. It is also worth noting that the announcement of the month of August listed showed the XRP logo instead of Ripples. Maybe they were the trolls or maybe it was an honest mistake.
This decision on the logo contrasts the work of Ripple, who started an aggressive public relations campaign to distance himself from the XRP digital currency among the fears of reaction to the regulator.
In any case, Coinbase Custody continues to be one of the largest and most respected custody solutions in cryptographic space. Key features include separate cold storage, financial and security controls, audits, SLAs on transfers of funds, dedicated coverage, multi-user accounts and digital asset insurance.
Starting November 2018, Coinbase Custody supports nine different digital resources, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), OmiseGO (OMG), Ripple ( XRP), Basic Attention Token (BAT) of Brave and 0x (ZRX). It should be noted that in New York it is only authorized to list BTC, BCH, ETH, LTC and XRP.
At the beginning of this year, it was reported that Coinbase was considering adding 37 new digital resources to its custody service. Today, key customers include WaldenBridge Capital, Polychain Capital, Autonomous Partners and Multicoin Capital.
All of these institutions – and all other Coinbase Custody customers – can now start holding XRP in Coinbase's regulated crypto-custody service. Trading XRP on Coinbase, however, will have to wait.
XRP is officially listed as a supported resource on Coinbase Custody.
– C3 | Nik (@ C3_Nik) November 14, 2018