Coinbase is a cryptographic exchange based on San Francisco that offers archiving services to four major cryptocurrencies in the world. On Friday, the exchange announced its plans to offer storage for another 37 cryptographic resources. XRP is one of the best cryptocurrencies added to this service. Other cryptographic resources include Cardano, ZCash, Stellar, VeChain, Bitcoin Gold, SiaCoin, Dogecoin, NEO, Dash, Monero and many others. The Coinbase team also explained to its customers that the exchange will offer only the option of archiving for these coins and does not intend to support the trade in these coins. Ripple (XRP), being the third largest cryptocurrency in the world, seems like an excellent addition. This also creates hope for investors that the exchange will soon offer a trading structure in this cryptocurrency.
The official declaration of the exchange makes it quite clear that it wants to remain transparent both with the public and with its customers. The exchange also announces to add these cryptographic resources as soon as possible.
Here it is important to understand that this addition of cryptographic resources to the service Coinbase Custody does not indicate that these activities will be added to all other products. Instead, the resources added to the Custody Service may need to pass the GDAX Digital Asset Framework. The exchange also clarified to users that they will see public APIs and other indications during the process of adding these cryptographic resources to its platform. The Coinbase team also promises to update their customers from time to time on updates.
The Coinbase custody service was launched on 2 July 2018. The main objective of this service was to respond to concerns about the safety of institutional investors. It uses various security measures such as the protection of On Chain Segregation transactions, offline, multi-sig and geographically distributed.