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Coinbase Custody, a subsidiary of the Coinbase cryptocurrency exchange has announced a set of coins and digital assets it is set to provide custody support for provided regulatory approved in defined jurisdictions permit.
As revealed by the company, the announcement for the coins is in its bid to expand on its custody coin listings, a move to solidify its position as the leader in the industry.
Coinbase Custody explores support for new digital assets. https://t.co/nc3mUS2aI6
— Coinbase Institutional (@CoinbaseInsto) October 16, 2020
The journey through the events and activities in the cryptosphere most times is best experienced with an individual or a veteran with trusted experiences and safety that can guarantee one would not get burned by the volatilities and the scam ridden nature of the space. The risk of owning cryptocurrency assets may even be described as outrightly more profound than keeping custody of it. One may get shut out of any wallet holding one’s assets if the passwords are forgotten while keeping custody of the same in an unsafe custody service provider may result in a hack.
The need to give crypto-asset holders a certain level of guarantee is why Coinbase Custody was established and with numerous digital assets proliferating by the day, Coinbase Custody has stepped up to the corresponding demand to support more assets. Per the update published by the team, the site has drafted two new tokens including FTX Token (FTT) and Serum (SRM) and aims to enlist more in the coming months.
Of the digital assets, the firm is considering to add custody for includes but not limited to Wrapped Bitcoin (WBTC), Aave (AAVE), Paxos Standard (PAX), and Ontology (ONT). Taking note of the discrepancy in regulatory laws among countries where each of these tokens have found increased adoption and integration, Coinbase Custody noted that it will be supporting each of these coins on a case by case basis as relating to each nation’s crypto laws.
Based on this fact, no assurance can be given for when any of the coins will be available in any jurisdiction.
Coinbase Custody Service Combines Diversity and Value Offering
Launched in 2018, Coinbase Custody has grown to offer custody services amongst a diverse range of coins now totaling more than 90 percent of cryptocurrencies by market capitalization while constantly fighting to add more.
The debut of the Coinbase Custody service though primarily launched to aid institutional investors to manage their digital asset portfolio, the service is generally available to clients with a large number of crypto holdings. The service promotes or drives crypto adoption by continually adding new coins for its more than 300 institutional investors. With security and insurance part of the catch, Coinbase Custody offers other value-added services including network participation and delegated proof of stake to offer clients access to benefits well beyond offline storage. This way, customers can take profits no matter how little while sure of the safety of their funds.
One apparent disclaimer while attempting to use the service is that there is no guarantee that any digital asset supported for custody will be listed on the exchange’s trading platform.