Coinbase Custody, the institutional safekeeping arm of Coinbase, has officially added support for Ripple (XRP) and the USDC stablecoin to its custodian service. This move marks a significant step in broadening institutional access to diverse digital assets.
Key Developments
- Institutional Focus: Aimed at high-net-worth investors, Coinbase Custody requires a minimum holding of $10 million in cryptocurrencies and a rigorous due-diligence process.
- Asset Expansion: The addition follows Coinbase’s 2018 exploration of 37 new digital assets for custody, including NEO, Steem, and Dfinity.
- Regulatory Compliance: All listed assets must meet the Coinbase Digital Asset Framework standards, ensuring security and compliance.
Background and Implications
Coinbase has historically been cautious about listing new cryptocurrencies. However, increasing competition and regulatory advancements—such as its New York custodial license—have spurred faster expansions.
Transparency and Communication
After the 2018 Bitcoin Cash controversy, Coinbase emphasized transparency. Sam McInvagale, Head of Product at Custody, stated:
“We announce asset explorations publicly to maintain trust with our customers. Testing APIs or frameworks doesn’t guarantee future listings.”
FAQs
Q: What is Coinbase Custody?
A: A service for institutional investors to securely store large cryptocurrency holdings (minimum $10M).
Q: Which new assets were added?
A: XRP and USDC, with more potential additions under review.
Q: How does Coinbase ensure compliance?
A: Via its Digital Asset Framework, which evaluates security, regulatory alignment, and market demand.
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Updated: November 7, 2019
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