Coinbase has announced that it is mulling the addition of more tokens to its Custody product suite. Most notable among the list of tokens up for consideration is XRP. Coinbase has so far elected not to add XRP to its trading catalog despite calls from Ripple to do so.
Coinbase Custody Considers Adding More Tokens
In a blog post published yesterday (August 3, 2018), the platform revealed that it was considering expanding the tokens held in its Custody platform. According to the announcement, Coinbase plans to work “as quickly and safely as possible” to add the tokens to its Custodial platform.
Arguably the biggest name on the list is XRP. Other tokens up for consideration include EOS, Monero, NEO, DASH, Bitcoin Gold, Dogecoin and NEM. In all, Coinbase, the largest cryptocurrency exchange platform in the United States, is looking to add 37 tokens to its Custody platform.
XRP Custody Listing Doesn’t Make Token Available for Trading
The announcement also included an important caveat that the listing, if finalized, would be for storage purposes only. An excerpt from the blog post reads,
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.”
Transparency regarding its listings is something that Coinbase will be hoping to achieve following the controversy that trailed its addition of Bitcoin Cash in late 2017.
The Role of Custodial Solutions in the Cryptocurrency Evolution
Many experts and analysts have reiterated the point that robust custody solutions were a necessary addition to the developing cryptocurrency paradigm. Coinbase Custody provides highly secured cryptocurrency storage services for institutional investors.
Big-money traders would hardly elect to utilize retail wallet options to store their significantly bigger coin holdings. In fact, the lack of satisfactory custodial tools is one of the reasons why the U.S. Securities and Exchange Commission (SEC) has decided against accepting any Bitcoin ETF application thus far.
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