Coinbase, one of the most important companies in the cryptocurrency world, has taken the decision to add XRP support to its Coinbase Custody platform. The decision was taken by the platform a few days ago. Back in August, the Coinbase Custody informed that they were working in order to add new virtual currencies to the custodial platform.
XRP Added to Coinbase Custody
XRP has achieved a new goal after being supported by Coinbase Custody. Coinbase is one of the major companies in the market and the custodial services it offers are going to play a major role for institutions to enter the virtual currency world.
Sam McIngvale announced on August 3rd that the company was exploring a range of assets to be supported. Among them, we could find NEO, DASH, NEM, Tezos and XRP, among others.
At that time, the company informed:
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.”
This addition is very important for the XRP community. Although the assets listed in Coinbase Custody might not be listed in Coinbase or Coinbase Pro, they show that the company is working with some specific virtual currencies. The XRP community has been waiting for a long time Coinbase to list XRP on its platform. Until now, there is no stipulated date for this to happen.
“Asset additions to Coinbase Custody have no bearing on whether they will be added to other Coinbase products,” reads the blog post released by Coinbase. “Asset additions for trading must pass our Digital Asset Framework.”
Coinbase Custody is a platform specifically designed for companies to store large amounts of virtual currencies. During the last months, different companies in the cryptocurrency space are preparing different solutions and products for institutions to enter the market.
One of these companies is the Intercontinental Exchange (ICE) that will be releasing the Bakkt platform in the coming weeks. Fidelity Investments is also working very hard in order to offer crypto-related solutions for companies.
XRP is currently the second largest virtual currency in the market after surpassing Ethereum (ETH) a few days ago. It has a market capitalization of $18.83 billion dollars and each token can be bought for $0.47 dollars.
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