Coinbase Custody Adds Support for Nine Ethereum (ETH)-Based Altcoins, Spurring Small Price Jump
Crypto exchange Coinbase is expanding its custodial services with the addition of 9 Ethereum (ETH)-based altcoins and two other digital assets to its roster.
In a statement, America’s largest crypto exchange by volume says that Coinbase Custody now supports Automata (ATA), DexTools (DEXT), Elastos (ELA), Gnosis (GNO), Inverse Finance (INV), Loom Network (LOOM), Lattice (LTX), Mina Protocol (MINA), Mango (MNGO), Shping and Lido wstETH (wstETH).
Coinbase says that the availability of the newly-supported crypto assets may be restricted based on custodian entity and customer jurisdiction.
The announcement prompted rallies in most of the newly-supported altcoins.
Over the past 24 hours, ATA is up by 8.18%, DEXT by 6.24%, GNO by 3%, INV by 9.46%, LOOM by 6.78%, LTX by 4.51%, MINA by 7.81%, MNGO by 5.39%, wstETH by 7.45% and ELA by 1.09%
Only one of the 11 assets is in the red territory at time of writing. Shping is down by 0.88% over the past 24 hours.
Coinbase Custody is a crypto custodial service targeted at deep-pocketed institutional investors. It is designed to provide clients with a secure platform to store large amounts of crypto assets.
Amid concerns over investing in crypto assets following the meltdown of FTX, Coinbase CEO Brian Armstrong recently assured customers that the exchange wouldn’t face liquidity issues like the now defunct rival.
“So for Coinbase [FTX’s collapse] is a non-issue and the reason is that we hold customer funds one-to-one backed. And you don’t have to take our word for it. We are a public company and so we publish audited financial statements by a Big Four accounting firm. And when we went public in the United States we filed and registered an S-1 with the SEC and we explained to them exactly how our business works. We showed them our audited financials and they approved us as a company to go public.”