Coinbase is Going to Add Ripple (XRP) and 37 Other Crypto Assets to its Custody Service

Coinbase is San Francisco based crypto exchange offering storage services to four top cryptocurrencies of the world. On Friday, the exchange announced its plans to offer storage for 37 more crypto assets. XRP is one of those top cryptocurrencies being added to this service. Other crypto assets include Cardano, ZCash, Stellar, VeChain, Bitcoin Gold, SiaCoin, Dogecoin, NEO, Dash, Monero, and many others. The team at Coinbase has also explained to its customers that the exchange is going to offer only the storage option for these coins and has no plans to support trading for these coins. Ripple (XRP), being the third largest cryptocurrency in the world, seems a very good addition. This also creates a hope for the investors that the exchange will soon offer trading facility in this cryptocurrency.

The official statement of the exchange makes it quite clear that it wants to remain transparent both with public and its customers. The exchange also announces to add these crypto assets as soon as possible.

Here, it is important to understand that this addition of crypto assets to Coinbase Custody service does not indicate that these assets will be added to all other products. Instead, the assets being added to Custody Service may have to pass the GDAX Digital Asset Framework.  The exchange has also made it clear to users that they will see public-facing API’s and other indications during the process of addition of these crypto assets to its platform. The team at Coinbase also vows to update its customers from time to time about the updates. It has not given any deadline for the addition of these assets.

Coinbase Custody Service was launched on July 2, 2018. The main objective of this service was to address the security concern of institutional investors. It uses various security measures like On Chain Segregation, offline, multi-sig, and geographically distributed transaction protection.