XRP on Coinbase
Opinion: Coinbase Custody has announced that they will be looking into XRP, as well as 36 other cryptocurrencies, for providing storage solutions. While this might not be the addition to Coinbase that XRP enthusiasts might have wanted, it is the one they need.
However, XRP has gained prominence in non-American markets. Asian markets are beginning to warm towards XRP, as seen by the launch of SBI Virtual Currencies. Moreover, XRP has begun to be adopted by exchanges as a base pair for trading due to its high transaction speed.
The Founder of TechCrunch, Micheal Arrington’s hedge fund is also denominated in XRP, allowing for more liquid access to digital assets. Small steps like these build towards the adoption of not ‘Ripple’ but of XRP as a cryptocurrency separate from Ripple’s use of it. Coinbase Custody listing the coin will ultimately contribute towards building XRP’s adoption.
Notably, Coinbase Custody is Coinbase’s newest offering for institutional investors. They fill the role of a trusted custodian as seen in a traditional financial system in order to ensure secure storage of the clients’ assets. This is an important step towards building the infrastructure of the cryptocurrency market. Custody: A step towards adoption?
The announcement was made by Sam McIngvale, the Product Lead of Coinbase Custody, who prefaced it with:
In any case, these advantages will now appreciate a level of security that is keeping pace with that offered to Bitcoin [BTC]. This is remarkable as the greater part of the security arrangements offered today for authority, bolster Bitcoin and a couple of different coins.
A future line of correspondence was set up amongst Coinbase and the network as they expressed that they will give updates to clients in regards to the procedure. In any case, it is to be noticed that the base sum that clients need to contribute is $10 million, as the item is focused at speculative stock investments and other substantial ventures.
The service was previously offered only for Bitcoin, Litecoin [LTC], Bitcoin Cash [BCH] and Ethereum [ETH]. Now, Coinbase Custody offers support for notable cryptocurrencies such as EOS [EOS], Monero [XMR], NEO [NEO], Dash [DASH], VeChain [VEN], Dogecoin [DOGE], and NEM [XEM].