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What does support for Coinbase Custody mean? It may not be much, but it's definitely nothing.
Coinbase Custody is exploring support for 37 new digital resources. The most important of these, both in terms of market capitalization and contextual meaning, is XRP.
XRP is the number three of cryptocurrency for the market with, with the numbers one and two (bitcoin and Ethereum) already fully supported by Coinbase. And at the same time, Coinbase and XRP have remained standing opposite each other for a while.
Again at the end of December and at the beginning of January there were rumors about Coinbase listing XRP, with alleged insiders showing supposed evidence that Coinbase was testing XRP, and it would be listing it in the next future. This was on days of lower gravity than cryptocurrency, when a slight touch was enough to blow up prices.
A list on Coinbase, however, was all but a light touch. The previous Bitcoin Cash list of just a couple of weeks ago saw BCH prices multiply, and XRP owners were understandably excited about their turn.
But the XRP list has never happened, and in the next six months people would see the hopes rise and fall repeatedly with rumors and speculations in both directions.
Now the Coinbase Custody has announced that it is considering XRP among the other 36 digital resources, making it the closest thing to an official announcement of the XRP list yet. It is a big news in the context of the background story between XRP and Coinbase, but the enthusiasm is also tempered for several reasons and nothing is confirmed yet.
The good news and the bad news
The good news is that Coinbase has recognized the existence of XRP. The bad news could be anything else, and any impact this announcement has on XRP prices can be between muted and non-existent.
The first negative news is that the announcement comes from the Coinbase Custody branch, rather than Coinbase as a whole. Coinbase Custody focuses exclusively on the custody solutions of digital assets for institutions and owners of high estates. It has a minimum deposit of $ 10 million with a setup fee of $ 100,000, so it's not really a daily solution and will not do much to help mom and pop speculators easily buy XRP. The good news of the bad news is that Coinbase Custody is already registering more clients and providing a highly requested service. The lack of reliable crypto-custody solutions is one of the biggest obstacles to institutional use and XRP is naturally oriented primarily towards institutional use. A Coinbase Custody solution for XRP could therefore be a very useful addition to the XRP ecosystem, providing a turning point for institutions that are on the verge of using Ripple's international payment solutions.
It could also mean that XRP is more likely than one day to end up on Coinbase itself. One theory holds that Coinbase will never list XRP, for the risk of inadvertently supporting Ripple as a competing business, so this news suggests that XRP is not a complete anathema, as some might have feared. At the same time, the ad explicitly states that "Coinbase Custody will probably support more resources than those available for trading through other Coinbase products". Functionally, this probably should not be taken as an indication that XRP will never end up being bought and sold on Coinbase.
The other thing about bad news for XRP fans is that it's just a cryptocurrency currency between dozens, including ERC20, and nothing is still defined. As the ad says, "we can not commit to when or if these assets will be available on Coinbase Custody."
The complete list of digital resources explored by Coinbase Custody is:
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA
Disclaimer:
This information should not be interpreted as an approval of a cryptocurrency or a specific supplier,
service or offer. It is not a recommendation for trade. Cryptocurrencies are speculative, complex and
involve significant risks: they are highly volatile and sensitive to secondary activities. Performance
it is unpredictable and past performance is no guarantee of future performance. Consider yours
circumstances, and get their advice, before relying on this information. You should also check
the nature of any product or service (including legal status and relevant regulatory requirements)
and consult the relevant regulators' websites before making any decision. Finder, or the author, can
have participations in the cryptocurrencies discussed.
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