Coinbase Just Added XRP to Its Custody Service Website
Coinbase just added the XRP digital currency to its custody service. XRP is one of nine digital assets now available to be stored through Coinbase Custody.
The San Francisco-based exchange quietly added XRP to its custody service early this morning.
XRP is a digital token designed specifically for use in remittance and settlement services. As the world’s third-largest digital currency by market cap, XRP aims to optimize financial transfers worldwide, reducing costs and speeding up payments.
The addition of XRP to Coinbase Custody is unique because Coinbase does not currently list XRP on its exchange. You can store XRP in Coinbase Custody, but you can’t purchase XRP from the Coinbase exchange. Only one other asset, the OmiseGO (OMG) token, shares this characteristic.
XRP has generated criticism for being closely linked to Ripple, an international financial services company that is actively partnering with banks worldwide. Ripple (arguably) created the XRP digital currency several years ago. Today, Ripple (unarguably) controls the majority of XRP tokens in existence. Some argue that XRP tokens are unregistered securities because they rise and fall with the actions of Ripple. Others (including Ripple) claim XRP is sufficiently decentralized.
This controversy has kept XRP away from exchanges like Coinbase. XRP is not available for trading on the main Coinbase trading platform.
Did Coinbase Troll Ripple by Using the Ripple Logo?
Coinbase Custody website appeares to be trolling Ripple with its XRP announcement. When announcing the addition of XRP to the Coinbase Custody service, Coinbase chose to use the logo for Ripple – which is different from the XRP logo. It’s also worth noting that the annoucement back in August listed did show the XRP logo instead of Ripples. Maybe it was them trolling or maybe it was an honest mistake.
This logo decision counteracts the work of Ripple, which has begun an aggressive PR campaign to distance itself from the XRP digital currency amidst fears of regulator backlash.
In any case, Coinbase Custody continues to be one of the largest and best-respected custody solutions in the crypto space. Key features include segregated cold storage, financial and security controls, audits, SLAs on fund transfers, dedicated coverage, multi-user accounts, and digital asset insurance.
As of November 2018, Coinbase Custody supports nine different digital assets, including bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), OmiseGO (OMG), Ripple (XRP), Brave’s Basic Attention Token (BAT), and 0x (ZRX). It should be noted that in New York, it is only authorized to list BTC, BCH, ETH, LTC, and XRP.
Earlier this year, it was reported that Coinbase was considering adding 37 new digital assets to its custody service. Today, major clients include WaldenBridge Capital, Polychain Capital, Autonomous Partners, and Multicoin Capital.
All of these institutions – and all other Coinbase Custody clients – can now begin holding XRP in Coinbase’s regulated crypto custody service. Trading XRP on Coinbase, however, will have to wait.
XRP is officially listed as a supported asset on Coinbase Custody.
— C3|Nik (@C3_Nik) November 14, 2018