Coinbase Custody has added support for XRP increasing the trust for the token. News of the addition has not been officially revealed but the XRP token is spotted on the platform. It is also listed as one of the supported coins.
Coinbase Custody is an institutional grade service that Coinbase uses to store digital currencies. Coinbase partnered with an SEC-regulated broker-dealer and a FINRA member and added its in-house digital asset security prowess to provide custody through a regulated firm. Coinbase insures all deposits on its platform.
Coinbase Custody clients’ base is made up of hedge funds and cryptocurrency exchanges. This includes Polychain Capital, Autonomous Partners, Multicoin Capital, among others.
According to the founder and CEO of Polychain Capital, Olaf Carlson-Wee, “Coinbase has an impeccable record of secure crypto storage.”
However, the listing brought some controversies on which, between the Ripple Labs and the coins logo should Coinbase use. Coinbase has been using the two logos interchangeably. Coinbase has in past indicated that it will be adding other coins and tokens including Ripple’s XRP.
Nelson Ryan, Head of Asia-Pacific, Reserve Bank, noted that:
“The fact that Coinbase is offering to custody the asset for institutional investors before offering it on their retail platform says a lot about the real potential risks they still see that XRP may be deemed a security. At this stage, it only shows a demand for a wider suite of products and assets for investment and speculation,” as reported by Cryptodaily.
Today’s move may be seen as Coinbase’s move to provide institutional investors with more digital assets to choose from.
Since Coinbase Custody has added support for XRP, do you think the same will be available for the retail investors in the near future?
Let us know your thoughts in the comments section below.