XRP and OmiseGO have been successfully added to Coinbase Custody. Coinbase Custody is designed to provide financial controls for institutions and companies seeking to trade digital currencies such as Bitcoin and Ethereum. As of this week, XRP and OmiseGO are also part of that list.
Coinbase Custody has finally added new digital assets to its custodian service. As already announced in August, 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. For now, OmiseGO and XRP are one of the first new crypto assets that got added, besides the most well-known assets like Bitcoin and Ethereum.
At the moment, supported assets on Coinbase Custody are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ethereum Classic, 0x (ZRX), Basic Attention Token, OmiseGO, and Ripple.
The mission of Coinbase Custody is to make digital currency investment accessible to every eligible financial institution and hedge fund in the world. With Coinbase Custody, Coinbase aims to become the most trusted and easiest-to-use crypto custody service available.
Aimed at institutional investors, Custody requires a minimum cryptocurrency holding of $10 million and a thorough due-diligence process before an individual or company is accepted as a client.
In August 2018, a Coinbase blog post stated the firm was exploring 37 new digital assets for addition on their Custody product, with “no bearing on trading-related” verticals. The following was said in the blog post:
“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.”