
Coinbase Custody, the last launched service in the slew of solution crypto giant offers, added support for XRP. This revived the exhausting rumor of XRP to Coinbase even though there is no sign that XRP is coming to the Coinbase Pro or Basic any time soon. What could be behind two of the biggest fiat to crypto gateways, Coinbase and Circle, declining to list the world’s 2nd biggest crypto?
Coinbase Custody is a new service launched by Coinbase related to storing crypto, where it allows ‘Digital Asset Custody For Institutions’. e.g. it allows crypto hedge funds, exchanges and ICOs to store their crypto within Coinbase. Prior to the release of this, and similar products, storing very large amounts of crypto securely has been difficult, with many exchanges and ICOs being hacked and their funds stolen. This offers these exchanges/ICOs a place to store their crypto safely, and under the custody of Coinbase.
An important feature of Coinbase Custody is that it’s regulated, more specifically it’s partnered with ETC(Electronic Transaction Clearing), which is an “SEC-registered broker-dealer and FINRA member subject to regulated financial reporting and independent audits”.
Does this imply that XRP listing on Coinbase Basic is imminent? Not really – the Custody service is completely separate from other services and will list tokens more faster and offer more tokens than the retail platform.
Will this move the needle for XRP? Probably not – market is in a doldrum and this type of news don’t make any noticeable shift in price or general sentiment.
Why do XRP holders care about Coinbase listing?
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