Coinbase Might Add Institutional Custody Support For XRP, EOS More Cryptos
XRP holders and fans can dream again. It seems that Coinbase hasn’t totally ditched the idea of supporting Ripple’s XRP after all.
Coinbase Custody is exploring new assets
This Friday, on August 3, the exchange platform announced on its blog that its institutional custody service called Coinbase Custody is “exploring a range of new assets” which include XRP, XMR, EOS, and NEO, among others.
Coinbase Custody officially opened for business on 2 July 2018 and currently supports only four digital asset types: Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC). But now, it sent out the following announcement via Twitter:
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.
— Coinbase Custody (@CoinbaseCustody) August 3, 2018
If you’re heading over to Coinbase’s Medium blog, you will be able to read more details regarding the statement. You will see that a list of 34 cryptos is taken into consideration.
As always, Coinbase took all the precautions and let users know that they are not considering these assets for trading. So, XRP fans still cannot jump for joy, but it’s a step forward nonetheless.
“Asset additions to Coinbase Custody have no bearing on whether they will be added to other Coinbase products,” Coinbase noted.
XRP still has a chance of being added to the exchange’s listing
“Coinbase is adding #XRP on its custody platform. That brings us one step closer to Coinbase listing it for trading. Truth be told, they saw other exchanges adding XRP as a base currency and now they realize their mistake. They are FOMOing in,” someone tweeted.
The news is important for the cryptosphere since now there seems to be a higher chance that one or even more of these cryptos will receive custodial support from the exchange platform in the future.
This would be great news for the particular token because institutional investors such as hedge funds or crypto assets managers are more likely to invest in coins that come with appropriate institutional custody support.
Regarding, Ripple we recently reported that even if the company continues to differentiate Ripple from XRP, Ripple’s success had a significant impact on the token XRP.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.