The latest announcement from the United States leading cryptocurrency exchange, Coinbase has shown a ray of hope for digital assets that are dwindling in selling pressure. Coinbase Custody is currently exploring a range of new digital assets. This announcement was made by the Product Lead at Coinbase Custody, Sam McIngvale.
Some of the assets being considered for listing include XRP, NEO, EOS, Monero (XMR), Dash (DASH), NEM (XEM), VeChain (VEN), Qtum (QTUM) and ICON (ICX) among many others. However, the blog post made it clear that “These assets are only being considered by Custody at this time, and this announcement has no bearing on trading-based products.”
The digital assets will be added for storage only. In addition to that, the listing is going to be expedited but the safety of the digital assets has been guaranteed. Sam McIngvale added:
“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.”
Coinbase custody is working on adding support for as many cryptocurrencies as possible. Although most these digital assets will not be traded on the exchange, secure storage for large amounts will now be made available. This is not the first time Coinbase Custody has made comments like this to ensure that their intentions are not misunderstood by the regulatory authorities. In the US, it is not clear which digital assets should be considered as security tokens. And Coinbase, as we all know it now, would like to stay on the safe side avoiding conflicts with the Security Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The blog also said that assets being added to Coinbase Custody do not guarantee that they will be added to other products at Coinbase. “Asset additions for trading must pass our Digital Asset Framework.” Furthermore, more updates on the process leading to the addition of the above assets on Coinbase Custody will be released as the engineering work progresses. ERC20 tokens are also going to be added on Coinbase Custody. The full list of digital assets currently being explored can be found here.
In other news from Coinbase, Ethereum Classic (ETC) support is in the final testing phase and trading will go live in less than a week from now. Coinbase engineering has completed most of the process for adding new assets to the platform. The official announcement on the official Coinbase Blog reads:
“We expect final testing to be completed by Tuesday, August 7, at which point we will announce that we’re ready to accept inbound transfers of ETC. We intend to allow 24–48 hours of inbound transfers through Coinbase Pro and Coinbase Prime before enabling trading.”
Coinbase Custody is in full gear to support inbound transfers as well ETC withdrawals. Coinbase Markets is also expected add support for ETC. There will be about 24-48 hours set aside for transfers via Pro/Prime prior to the opening of the markets.
At the Question and Answer section of Coinbase Blog, the company makes it clear that ETC trading will be available for trading in all locations Coinbase currently is.