Blockchain

Coinbase Looking Into Plans To Store XRP

Coinbase

Coinbase, the operator of the largest cryptocurrency exchange in the U.S., announced last week that it is looking into expanding its custody service to include 40 additional assets, including XRP.

“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible,” Sam McIngvale, product lead, Coinbase Custody, wrote in a blog post.

Currently, Coinbase is a custodian for four cryptocurrencies: bitcoin, Bitcoin Cash, Ethereum and Litecoin. The site charges 0.1 percent a month, as well as a $100,000 setup fee. Customers must also store at least $10 million.

In addition to XRP, Coinbase is looking into storing Monero, Dash, Tezos and Telegram.

The company also revealed that its engineering team is beginning final testing of support for Ethereum Classic (ETC), with it expected to be completed by Tuesday, August 7.

This news follows Coinbase’s June acquisition of securities dealer Keystone Capital, a California-based FINRA-registered broker-dealer, which will allow the firm to run an alternative trading system.

Coinbase noted that it is embarking on a journey to “offer future services that include crypto securities trading, margin and over-the-counter trading.”

The exact terms of the deal are unknown — and Coinbase will need approval from regulators to operate under the Keystone licenses. Coinbase COO Asiff Hirji noted his firm will still need a few months after those approvals happen (or not) to integrate Keystone’s operations.

In addition, it’s been reported that Coinbase has held talks with regulators in the U.S. about securing a banking license, meeting with officials from the U.S. Office of the Comptroller of the Currency in the early part of this year.

Coinbase spokeswoman didn’t comment about the meeting but told the Wall Street Journal the company is “committed to working closely with state and federal regulators to ensure we are properly licensed for the products and services we offer.”

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