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Coinbase Custody, the crypto-finance colossus custody arm, added support for XRP on its targeted institutional custody service. In addition, it will also list the USD stablecoin, as per a average post on November 15th.
The move was announced for the first time in October 2018 and took a month to come to fruition.
Intended for institutional investors, the Custody requires a minimum $ 10 million cryptocurrency participation and an accurate due diligence process before an individual or company is accepted as a customer.
In August 2018, a post on the Coinbase blog stated that the company was exploring 37 new digital resources for adding to their Custody product, with "verticals not related to business relationships". Among the numerous assets there were NEO, Steem, Dfinity and less known projects like PolkaDot, Tokencard and Props.
Historically, Coinbase has been a bit conservative to list new cryptocurrencies in all of its activities. However, with the increase in competition and higher quality products developed in the blockchain and cryptocurrency industries, Coinbase has limited its bids to remain relevant. In keeping with the recently granted New York Finance Department's license to operate as an independent custodian, the company seems ready for an interruption.
From the infamous Bitcoin Cash saga, which saw Coinbase presumably pumping the price of the currency before the listing, the company has maintained a clear line of communication with the general public. In statements of August 2018, Sam McInvagale, head of product at the Custody, said:
"Coinbase Custody is exploring the addition of many existing and future cryptographic resources for storage only We are making this announcement internally to Coinbase and the public at the same time to remain transparent with our customers on resource support future. "
The statement added that all digital assets must meet the requirements listed in the Coinbase Digital Asset Framework. It also informs users that public APIs and other "behind-the-scenes preparation for asset support" may be visible for testing purposes and is not an indication of an asset made available in the Custody in the future.
Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money in the trade of cryptocurrencies.
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After extracting its first bitcoins in 2012, there were no retrospectives for Shaurya Malwa. After graduating in economics from the University of Wolverhampton, Shaurya ventured directly into the world of cryptocurrency and blockchain. Using an incisive approach to writing articles and encryption, he finds his true self in the world of decentralized ideologies. When he does not write, Shaurya builds his culinary skills and trades the three great cryptocurrencies.
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