Coinbase Custody Now Manages More Than $1 Bln Worth of Digital Assets


Coinbase Custody Now Manages More Than $1 Bln Worth of Digital Assets
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Coinbase, the $8 bln dollar cryptocurrency exchange that also acts as a custodian, now has more than $1 bln worth of digital assets under its management, Yahoo! Finance reports. With more than $150 mln being deposited on a monthly basis, Coinbase CEO Brian Armstrong calls their venture into custody a ‘success.’

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A success story

Coinbase Custody, which was rolled out in July 2018, signified the exchange’s effort to diversify its profit by tapping into the appetites of institutional investors.

In February, U.Today reported that Coinbase already had $500 mln of AUM (assets under management). Back then, Armstrong stated that their money guarding solution had gotten good traction. During the recent Consensus event, where he revealed the above-mentioned numbers, Armstrong voiced even more optimism:

I think that space will keep growing really rapidly,” Armstrong, who co-founded Coinbase, said on Wednesday. “Every institution is going to have a crypto part of the business in the next few years if they don’t already.”
 

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A slew of new features

Coinbase Custody has so far added 20 new cryptocurrencies in 2019. The San Francisco-based company recently became the first high-profile custodian to offer staking for some cryptocurrencies that are held in cold storage. To top that off, they also integrated an OTC trading option, allowing their customers to trade crypto directly from cold storage.

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Mainstream adoption  

In such a way, Coinbase wants to push the mainstream adoption of cryptocurrencies, which, according to Armstrong, are still in the early stages of their development. The billionaire CEO compared early TVs and electric cars to Bitcoin to prove that the majority of disruptive technologies had a rocky start.

When television first came out it was this grainy image in black and white, and the audio barely worked. People were saying why would I use that, I can get all my information from the radio? Same thing with electric cars, the early ones looked like toys,” said Armstrong.

Cover image via u.today
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Trading Expert Predicts Enormous Gains for Ripple’s XRP Price


Trading Expert Predicts Enormous Gains for Ripple’s XRP Price
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Ripple’s XRP could be on the cusp of another major price rally, according to trading expert Crypto Thies. Based on his technical analysis, the XRP price could witness “enormous gains” in the short-term.

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XRP takes a hit  

Piers Morgan’s catchphrase “One day you’re cock of the walk, the next you’re a feather duster” is very relatable to the cryptocurrency market. After stagnating for weeks, the price of XRP suddenly surged by more than 43 percent USD-wise on May 14-15 once Coinbase opened up trading in New York. XRP was the best-performing cryptocurrency in the top 10, but the rally didn’t last long.     

On May 17, XRP recorded an intraday low of $0.359 after its price tanked by more than 25 percent. All major altcoins collectively took a hammering on Friday after the Bitcoin price suddenly experienced a 20 percent drop, which was allegedly caused by market manipulations.

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A dicey situation

The blow was too hard for XRP to rebound. At the time of writing, it is trading at $0.369 after yet another 3.32 percent price decrease over the last 24 hours, according to CoinMarketCap data.  

Now, XRP is facing its make-it-or-break-it moment. If its price breaks below the $0.340 level, things could turn ugly for Ripple’s native token with its next downward target being significantly lower. Trading expert Peter Brandt earlier suggested that a huge price drop would be almost inevitable if that’s the case.

Cover image via u.today
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