Coinbase continues to expand its crypto footprint by offering custodial services to more than half a dozen altcoins.
The US-based cryptocurrency exchange announced in a couple of recent tweets that it has added eight new cryptocurrencies to its list of more than 150 assets that are part of the Coinbase Custody cold storage trust.
Coinbase Custody now supports deposits and withdrawals for $FX, $ENSand $TRAC
Details here → https://t.co/HtybLZgDc1 pic.twitter.com/4XL1ZeQWb3
— Coinbase Assets (@CoinbaseAssets) February 10, 2022
Coinbase Custody, It is a custodian service for institutional investors with large funds. It is designed to provide financial controls for institutions and companies that want to trade with digital currencies such as Bitcoin and Ethereum. It is leased in New York State and is designed to provide customers with a highly secure way to store large amounts of cryptocurrencies.
Coinbase Custody allows customers to both securely and actively participate in crypto networks by balancing the protection of private keys with easy online customer access to customers. Custody services include depositing and withdrawing supported crypto assets to a custodian account, as well as staking services.
The first of the Coinbase-approved cryptocurrencies, the native token powers a data management system that helps businesses and organizations securely store and manage critical information in a completely decentralized and secure manner. OriginTrail (TRAC) it happened.
The TRAC token is designed to be used to pay for data processing and storage fees on the network.
The second cryptocurrency on the list was Function X (FX). Function X sees itself as a new generation pioneer for the financial space, bridging the gap between traditional investment and the possibilities offered by blockchain technology. FX token runs on Ethereum.
Joining the Coinbase cold wallet list is next, which allows people to issue non-fungible tokens (NFTs) that can be linked to Ethereum addresses and web domains. Ethereum Name Service (ENS) exists.
The platform’s website describes the project as follows:
“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 such as ‘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, $BARLEY , $KRL, $GYENand $RBN
Details here → https://t.co/HtybLZgDc1 pic.twitter.com/H2zNHMcdxl
— Coinbase Assets (@CoinbaseAssets) February 10, 2022
Next on the list of cryptocurrencies powered by Coinbase, a layer-2 computing network designed to support privacy-preserving smart contracts, data storage, and scalable off-chain transactions. ARPA Chain (ARPA) exists. Credit fraud prevention, secure data wallets, sensitive marketing, joint AI model training, and key management systems are among the platform’s use cases.
The next cryptocurrency to gain support is an automated crypto trading platform that allows users to browse, create and test various trading strategies to see how they are performing. It is KRYLL (KRL).
The crypto platform also joins the Coinbase Custody listing, a collateral-backed decentralized finance (DeFi) lending platform. Alchemix (ALCX) also added.
ALCX is an automated yield-farming, lending, borrowing and staking protocol that uses tokenized yield funds to repay debts, and the native governance and staking token of Alchemix, a decentralized finance (DeFi) platform. Users can open collateralized loans that are automatically closed using the yield generated by the collateral.
An Ethereum-backed stablecoin pegged to the Japanese yen, ranked seventh among Coinbase-supported cryptocurrencies. GYEN (GYEN) exists. Currently worth 8/10 of a cent, GYEN has also been available on the Coinbase exchange since November.
The cryptocurrency at the bottom of the list is the decentralized finance (DeFi) protocol. Ribbon Finance (RBN). This Ethereum-based project allows crypto-asset investors to generate returns on their holdings through a structured product protocol that includes options and fixed income as well as futures.
The platform’s website describes the project as follows:
“Structured products are packaged financial instruments that use a combination of derivatives to achieve a specific risk-return objective, such as betting on volatility/volatility, increasing returns or hedging capital.
Ribbon currently offers a high yield product that generates returns on ETH through an automated options strategy.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.