Coinbase Custody adds support for GRM
Blockchain

Coinbase Custody adds support for GRM

By Marco Cavicchioli - 10 Oct 2019

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Coinbase Custody has officially announced that its service will soon add support to the Telegram token, Gram (GRM), but also to two other tokens, SOL and OXT. 

According to the announcement, Coinbase Custody has become the world’s largest and fastest-growing native crypto custody service, hence the company has decided to add new features and support for new assets requested by customers. 

Coinbase Custody has thus decided to add some cryptocurrencies to the list of those already supported. Among the tokens that will be added, there is Gram (GRM), which is the cryptocurrency of the Telegram Open Network (TON), but also SOL and OXT, whose mainnets are in the start-up phase. 

The announcement contains a note, according to which each of these tokens will actually still have to go through the process of internal evaluation of Coinbase and that of regulatory approval before it can be effectively added. 

These processes can only be completed after the actual launch of the mainnet, which has not yet taken place for GRM, SOL and OXT. 

In theory, therefore, there is a remote possibility that the final characteristics of the tokens upon launch of the mainnet do not meet the requirements set by Coinbase but, since the company has already had the opportunity to evaluate their characteristics on the testnet, it is very unlikely that this will happen. 

The company also recalls that its custody service has specific insurance coverage and that it is a trusted company regulated by the New York Department of Financial Services (“NYDFS”) and a qualified custodian under the Investment Advisers Act of 1940.

Indeed, the objective of the Coinbase Custody is primarily to meet the needs of large institutional investors by offering them a secure way to store these assets. 

To date, the assets supported by the service are already about thirty, not necessarily with a high market cap. In fact, in addition to the first four cryptocurrencies per market capitalisation, there are several that do not have a particularly high market cap. In addition, some of the most popular tokens, including Tether (USDT), are not yet supported. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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