Coinbase to extend custody offering by up to 40 coins
Coinbase announced at the weekend it was planning to expand its custody service to include up to 40 further cryptocurrencies, including ripple and eos.
Custodians hold cryptocurrency assets on behalf of institutional funds and asset managers, which are legally required to use a custodian to protect their digital assets from theft.
Coinbase, the San Francisco-based digital currency exchange, currently acts as custodian for four digital cryptocurrencies: bitcoin, bitcoin cash, ethereum and litecoin.
Custodians receive a fee for holding such assets, usually a 0.1% monthly charge, as well as an initial $100,000 set up charge. Institutional customers are required to store at least $10m in digital assets.
Coinbase said on its blog on Friday that it was exploring the addition of many existing crypto assets “for storage only”. The ones under consideration are pictured in the graphic below.
The company stressed: “Asset additions to Coinbase Custody have no bearing on whether they will be added to other Coinbase products.”