Major cryptocurrency exchange platform’s, Coinbase’s Custody recently published list of in total 37 cryptocurrencies including Ripple (XRP) which are currently considered by the company for providing storage solutions. Meanwhile the announcement suggests that this move by the major company does not yet mean addition of the coin to the exchange platform.
At the same time it is notable that XRP is becoming popular in Asian markets in addition to being adopted by several important exchangers as a base pair for trading due to mainly its high transaction speed. According to field experts, the recent news on Coinbase Custody listing the coin will ultimately contribute towards building XRP’s adoption by the platform as well.
Coinbase Custody is one of the recent offerings by Coinbase which aims at securing assets of institutional investors. The product “fills the role of a trusted custodian as seen in a traditional financial system in order to ensure secure storage of the clients’ assets”.
Product Lead of Coinbase Custody, Sam McIngvale has made the official announcement which stated: “these assets are only being considered by Custody at this time, and this announcement has no bearing on trading-based products… The assets will be added as quickly and safely as possible. However, these asset additions will not affect in any way the offerings on other Coinbase products. This is to say that the assets which are not listed time and again, or that do not pass Coinbase’s Digital Asset Framework, will most likely not be added in the near future”.
The official message by the company also informed that the community will be accordingly updated about the development processes as they occur, while highlighting that the minimum requested investment by the users is $10 million. The announcement confirmed that the product is targeted at hedge funds and other large investments.