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Coinbase confirmed that it had moved $ 5 billion in crypto to its updated cold storage infrastructure last week. Cryptocurrency migrations, which are part of the broader plans of the company to expand the number of digital asset offerings, represent a significant part of the cryptography in circulation: 5% of all Bitcoins, 8% of Ethereum and 25% of Litecoin.
Coinbase's $ 5 billion cryptocurrency movement (valued on December 7, 2018) affirmed the strength of its blockchain-based infrastructure.
"The idea of moving $ 5 billion on blockchain was the one that we had approached with a very high degree of caution.While we believe in the safety of the blockchain, the number of moving parts combined with our absolute responsibility to ensure safety of the funds in our custody meant that we had to cover every possible scenario. "
The movements were made strategically to manage media speculation and markets.
Coinbase's security chief, Phillip Martin, told CoinDesk,
"Regulators and auditors have been involved in every phase … One of the biggest things we were worried about is that we do not move the market with this event, which is why we have done everything we can to coordinate with regulators and manage the media speculation around the movements ".
The cryptocurrency that was moved were assets belonging to its millions of retail traders. Coinbase, the largest encrypted exchange in the United States, reportedly exceeded 13 million accounts last November.
Regarding Coinbase's plans to expand the number of offers, Martin says,
"We think it's fundamental to our ability to serve the broad spectrum of activities out there when they get online."
Coinbase Pro is about to launch four new Ethereum-based ERC20 tokens. Dai, Golem, Maker and Zilliqa businesses should enter into force in some regions in the coming days.
"Support for GNT and DAI will initially be available to Coinbase Pro users in the United States (excluding NY), UK, EU, Canada, Singapore and Australia MKR and ZIL will not be available to customers in the United States, but will be exchangeable in the UK, EU, Canada, Singapore and Australia on Coinbase Pro … "
Coinbase has increased support for new cryptocurrencies as it continues to position itself as the go-to exchange where crypto investors can discover and exchange digital assets that feed a variety of blockchain-based projects.
- Golem, a decentralized supercomputer worldwide
- Zilliqa, a public blockchain for high scalability that uses sharding
- Maker, an open platform for equal access to high quality financial services
- Come on, an asset-backed stablecoin in the Maker ecosystem
"We recognize that there are popular resources that we have not yet added to our platform." Our decision to add ERC20 tokens primarily stems from the relative ease of integrating the standard with our existing infrastructure, particularly from a security point of view. as noted in our previous post, we are exploring the addition of many new resources beyond the ERC20 token over a jurisdiction by jurisdiction. "
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