Cryptocurrency exchange Coinbase came up with a new listing news. It has announced that it will support about 11 more altcoin projects on the Custody platform. These coins include cryptocurrencies such as Loom Network (LOOM), Automata (ATA), Mina Protocol (MINA). Here are the details…
Coinbase Custody lists LOOM, ATA
It adds 9 Ethereum (ETH)-based altcoins and two other crypto assets to its roster. Thus, it expands its custody services. Coinbase Custody, America’s largest crypto exchange by volume, now owns Automata (ATA), DexTools (DEXT), Elastos (ELA), Gnosis (GNO), Inverse Finance (INV), Loom Network (LOOM), Lattice (LTX) It has support for Mina Protocol (MINA), Mango (MNGO), Shping and Lido wstETH (wstETH).
Coinbase Custody now supports deposits and withdrawals for ATA, DEXT, ELA, GNO, INV, LOOM, LTX, MINA, MNGO, SHPING, and wstETH. Availability of these assets may be restricted based on custodian entity and customer jurisdiction. pic.twitter.com/d3NGeFLf21
— Coinbase Assets (@CoinbaseAssets) November 22, 2022
Coinbase says the availability of newly supported crypto assets may be restricted by custodian and client jurisdiction. The announcement led to some price changes for most of the newly supported altcoins. Yesterday, ATA rose 8 percent, DEXT 6,24 percent, GNO rose 3 percent. On the other hand, INV increased by 9.46 percent, LOOM by 6.78 percent, and LTX by 4.51 percent. MINA rose 7.81 percent, MNGO rose 5.39 percent, and wstETH rose 7.45 percent. Finally, ELA gained 1.09 percent.
The importance of Coinbase Custody
Coinbase Custody is a crypto custody service aimed at institutional investors with a deep pocket. It provides customers with a secure platform to store large amounts of crypto assets. Also, Coinbase CEO Brian Armstrong made various statements after the collapse of FTX.
As it is known, the collapse of FTX has led to concerns about cryptocurrencies. It also reduced reliance on centralized exchanges that offer custody services. Amid concerns about investing in crypto assets, he recently reassured clients that the exchange would not face liquidity issues like its now-bankrupt competitor. Armstrong used the following statements:
[FTX’s collapse] is not an issue for Coinbase, and that’s because we support client funds one-on-one. And you don’t have to take our word for it. We are a public company and therefore publish financial statements audited by a Big Four accounting firm. We filed and registered an S-1 with the SEC when we went public in the United States. We told them exactly how our business works. We showed them our audited financial statements and they approved us for the IPO.
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