Coinbase Custody announced Friday that it would begin exploring the addition of various existing and upcoming cryptocurrency assets to its platform for storage only.
For more on today’s news or on Coinbase Custody in general, visit https://t.co/h038jNjivO
— Coinbase Custody (@CoinbaseCustody) August 3, 2018
The announcement, which was delivered to the public and those internal at Coinbase at the same time to retain transparency, states that the company has kicked off an exploratory procedure to determine whether or not to add more than 40 cryptocurrencies to its custodial service. At this moment, Coinbase is not considering these assets for addition to its trading products.
Coinbase Custody offers custodial services to institutional clients that are optimized for the storage of large amounts of cryptocurrency through highly secured means. Moving forward, Coinbase Custody will likely support more assets than those currently available to trade through other Coinbase products.
According to the announcement, asset additions moving forward must pass Coinbase’s Digital Asset Framework. During this exploration process, customers may browse the public-facing APIs or other signs that denote the manner in which Coinbase is conducting engineering work to support the oncoming assets. Although Coinbase cannot yet commit to when or if these assets will become available on Coinbase Custody, the company will keep customers updated regarding the process through their official Twitter account.
This news comes on the same day that Coinbase announced an official date for the listing of Ethereum Classic (ETC) to its trading products, which is currently set for August 7. The price of ETC has rallied off the latest news.
Coinbase Custody is currently exploring the addition of: ERC20 tokens, Cardano, Zcash, Stellar Lumens, XRP, EOS, Monero, VeChain, Tezos, QTUM, Bytecoin, Bitcoin Gold, Decred, Bitshares, ICON, Ontology, Steem, Dogecoin, Siacoin, Wanchain, Nano, Telegram, Filecoin, TaTaTu, Dfinity, Blockstack, Basis, NEO, DASH, NEM, TrustToken, Hedera Hashgraph, Tokencard, Polkadot, Kik, Props, Origin and FOAM.
Photo: Jon Russell / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.