Cryptocurrency, Exchanges, XRP–As previously reported by EWN, U.S. based cryptocurrency exchange Coinbase has added support for XRP as apart of their custodian service. The addition was originally announced by the exchange back in October, in lieu of actual support for the coin for investors to buy and sell.
Compared to the largely unregulated, Wild West landscape of most cryptocurrency exchanges, Coinbase Custody adds a layer of assurance for large capital investors. Rather than targeting individual customers or the general user base, Coinbase custody is geared towards hedge funds and institutional investors with millions in assets, providing an easy to use, secure platform for storing and funding cryptocurrency–especially as newcomers to the industry struggle with the concepts of private keys and cold storage wallets. In addition to the benefits of upgraded financial security, Coinbase custody provides investors with insurance coverage on their stored assets which now extends to XRP, despite the coin not being listed directly on the exchange.