Coinbase, the largest cryptocurrency exchange in the USA by trading volume, made a new announcement. The nightly announcement included Coinbase adding 14 cryptocurrencies to its custody service, Coinbase Custody. Here are the details…
Coinbase lists 14 altcoins
According to the statement made at night, the custody arm of the cryptocurrency exchange lists 14 new coins. The listed cryptocurrencies are as follows:
- Coinbase Wrapped Staked ETH (CBETH)
- DeFi Yield Protocol (DYP)
- Staph (FIS)
- Gemini Dollar (GUSD)
- Immutable X (IMX)
- Ispolilink (ISP)
- Metis (METIS)
- Muse DAO (MUSE)
- Marlin (POND)
- PARSIQ (PRQ)
- SuperFarm (SUPER)
- Synapse (SYN)
- Chain (XCN)
- XMON (XMON)
Coinbase’s custody platform supports over 300 assets. Of these, 160 are those added since the beginning of 2022. Coinbase’s custody service is used by institutional investors. Institutional investors will be able to keep these coins in their exchange accounts through the custody service. However, it should be noted that listing on the custodian service does not guarantee listing on Coinbase’s spot exchange.
The latest in Coinbase’s ecosystem
Coinbase is a publicly traded cryptocurrency company. The firm’s shares had fallen, impacted by the state of Bitcoin and the overall crypto market. However, in the last 24 hours, the price of BTC has surpassed $20,000. So this was supported by today’s market performance of crypto stocks as well. Currently, Coinbase shares are trading around $74. Meanwhile, there was another development that showed that Coinbase was preferred by large investors.
MakerDAO (MKR), the decentralized organization that manages the stablecoin DAI, will move $ 1.6 billion of USD Coin (USDC) reserves to Coinbase in order to achieve a 1.5 percent return. The community accepted Monday’s proposal to move the MakerDAO treasury to Coinbase’s custodian. 75 percent of the votes were in favor of this movement. The $1.6 billion represents one-third of MakerDAO’s treasury. This treasury is a reserve that allows users to deposit collateral in exchange for issuing the DAI stablecoin.
Known as MIP81, the proposal describes Coinbase as a “long-term partner” of Maker and an “established, respected and regulated company.” “This MIP allows us to receive up to 1.5 percent APY in USDC,” the proposal states. It also allows Maker to optimize liquidity at zero cost. Apart from that, it provides extra security. Other than that, according to the proposal, Maker will not pay any custodial fees to Coinbase. If funds are to be held in Coinbase’s custody after a trial period expires at the end of 2022, the community will need to vote again for the extension.
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