Coinbase, a San Francisco-based cryptocurrency exchange, is planning to expand its custodian service by adding 37 new assets, including Ripple. However, the company emphasized that these cryptocurrencies will not be available for trading.
New assets are almost here
Presently, Coinbase offers four coins that are already featured on the exchange (Bitcoin, Bitcoin Cash, Ethereum and Litecoin). However, their decision to explore dozens of new digital assets for custody doesn’t mean that they will be available for other company’s products any time soon. As of now, Coinbase doesn’t provide a specific date when these cryptocurrencies will be available on Coinbase Custody, but it will keep clients informed on most recent updates.
What is a custodian?
Custodians are financial institutions that are responsible for safeguarding the assets from a potential theft or damage. On top of that, custody services also help to enhance the safety of transactions. While the largest American custody banks generally work with traditional assets (fiat money, gold and so on), another custody giant Northern Trust has recently opened doors for cryptocurrency investments.
As CryptoComes has reported earlier, Coinbase launched its own custodian service Coinbase Custody that became open for business on July 2. Coinbase now acts as a custodian for clients from Europe and the US, but the leading American crypto company is planning to expand its custody service into Asia as well. It offers numerous top-notch safety measures (cold storage, transaction protection and on-chain segregation). On top of that, Coinbase Custody is secured with the help of its SEC-registered custodian partner Electronic Transaction Clearing (ETC).