“Custody through a regulated, institutional broker-dealer. In partnership with ETC, a SEC-registered broker-dealer and FINRA member, Coinbase Custody is proud to offer a service that couples Coinbase crypto asset security excellence with broker-dealer financial reporting expertise.”
The essence of this is that Coinbase Custody pairs a cryptocurrency exchange platform (Coinbase) to ETC, a platform for the trade of securities and other tokens. As it stands, Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ethereum Classic are all available through Coinbase Custody, with XRP, Monero and Dash alleged to be added next, alongside an announcement that also suggests Coinbase will be adding all ERC-20 tokens to the service too.According to Coinbase:
“We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time. We are announcing this both internally and to the public as consistent with our process for adding new assets.”
See more for yourself, here. So, what is happening here?It seems that Coinbase are looking to allow for the storage of XRP, Monero and Dash through the Coinbase Custody platform. This would allow for the storage of assets such as XRP within the Coinbase platform. Of course, this doesn’t mean that XRP is going to go live on Coinbase, but, this new move allows Coinbase to exist within a Coinbase network, even if it continues to be considered a security by the community - though a decision on this is expected to be made soon.According to Sam McIngvale, the Product Lead at Coinbase Custody:
“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.”
See more for yourself, here. Most importantly though:
“These assets are only being considered by Custody at this time, and this announcement has no bearing on trading-based products.”
Robert first came across Bitcoin in 2016 during a meetup in Belgium, and has been hooked ever since. With a background in Economics, you can find Robert frequently looking at the Twitter feed of the SEC for any regulatory updates relating to Bitcoin and Crypto in general.