Coinbase Custody is evaluating the inclusion of 37 new cryptocurrencies, such as XRP, EOS, VeChain (VET), and Tezos (XTZ), for its secure storage services. The announcement reflects growing institutional demand for diversified digital asset custody solutions.
Key Highlights of the Proposed Expansion
- Storage-Only Phase: Assets may initially be available solely for custodial storage, with no immediate trading support.
- Transparency Commitment: Coinbase emphasizes open communication with customers regarding future asset integrations.
- Institutional Focus: The service targets security-conscious institutional investors, addressing custody as their top priority.
Notable Assets Under Consideration
The list includes high-profile projects:
- Ripple (XRP)
- EOS
- Monero (XMR)
- Cardano (ADA)
- Bitcoin Gold (BTG)
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What This Means for Investors
- No Trading Guarantees: Addition to custody doesn’t imply future trading availability on Coinbase platforms.
- Regulatory Compliance: Assets must pass the GDAX Digital Asset Framework for trading eligibility.
- Security Protocols: The service uses offline multi-signature storage, geographic distribution, and regular audits.
“We aim to add assets as quickly and safely as possible while maintaining transparency.”
— Coinbase Announcement
Behind Coinbase Custody’s Security
Launched in July 2023, the service combines:
- Cold Storage: Offline asset protection.
- Multi-Signature Wallets: Requires multiple approvals for transactions.
- SEC-Compliant Broker-Dealer: Partnered with Electronic Transaction Clearing (ETC) for regulatory adherence.
Future upgrades include segregated hot wallets for enhanced liquidity without compromising security.
FAQs
1. Can I trade these new assets on Coinbase immediately?
No. They’re initially for custody storage only; trading requires separate approval.
2. How does Coinbase ensure custody security?
Through offline storage, multi-signature controls, and independent audits.
3. When will these assets be added?
No fixed timeline. Coinbase will provide updates as integrations progress.
4. Why is Monero (XMR) included despite privacy concerns?
Institutional demand drives its consideration, though regulatory hurdles may apply.
👉 Explore institutional-grade crypto solutions
The move signals Coinbase’s commitment to broadening institutional crypto access while maintaining rigorous security standards. Updates will follow as the evaluation process unfolds.
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