Coinbase continues to expand its crypto footprint by offering custodial services to more than half a dozen altcoins.
In a pair of tweets, the US-based cryptocurrency exchange says that it’s adding eight new cryptos to its roster of 150+ assets that are part of the Coinbase Custody cold storage trust.
Coinbase Custody now supports deposits and withdrawals for $FX, $ENS, and $TRAC
Details here ? https://t.co/HtybLZgDc1 pic.twitter.com/4XL1ZeQWb3
— Coinbase Assets (@CoinbaseAssets) February 10, 2022
Coinbase Custody is a custodial service for institutional investors with big money. It’s chartered in New York State and designed to give clients a highly secure way to store large amounts of cryptocurrency.
First getting the nod from Coinbase is OriginTrail (TRAC), whose native token powers a data management system that helps businesses and organizations securely store and manage critical information in a fully decentralized manner.
The TRAC token is designed to be used to pay for data processing and storage fees on the network.
Function X (FX) touts itself as a next-generation pioneer for the financial space, bridging the gap between traditional investing and the possibilities offered by blockchain technology. The FX token runs on Ethereum.
Also joining the Coinbase cold wallet roster is Ethereum Name Service (ENS) which allows people to mint non-fungible tokens (NFTs) that can be linked to Ethereum addresses and web domains.
According to the project website,
“The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain.
ENS’s job is to map human-readable names like ‘alice.eth’ to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.”
Coinbase Custody now supports deposits and withdrawals for $ALCX, $ARPA , $KRL, $GYEN, and $RBN
Details here ? https://t.co/HtybLZgDc1 pic.twitter.com/H2zNHMcdxl
— Coinbase Assets (@CoinbaseAssets) February 10, 2022
Next up is privacy-focused ARPA Chain (ARPA) which harnesses multi-party computation as part of its blockchain-based secure network.
Automated crypto trading platform KRYLL (KRL) is designed to let users browse, build and test a variety of trading strategies and see how they perform.
Also added to the Coinbase Custody slate is Alchemix (ALCX), a collateral-backed decentralized finance (DeFi) loan platform that claims,
“No liquidations, your only debt is time.”
GYEN (GYEN) is an Ethereum-powered stablecoin pegged to the Japanese yen. Currently valued at 8/10 of a cent, GYEN has also been available on the Coinbase exchange since November.
Last on the list is DeFi protocol Ribbon Finance (RBN) which aims to bring structured products to the cryptocurrency market.
The project website says,
“Structured products are packaged financial instruments that use a combination of derivatives to achieve some specific risk-return objective, such as betting on volatility, enhancing yields or principal protection.
Ribbon currently offers a high yield product on ETH which generates yield through an automated option strategy.”
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Featured Image: Shutterstock/ptashka/Natalia Siiatovskaia
