Following XRP now being a supported asset on Coinbase Custody, institutions are putting a little bit more faith into Ripples cryptocurrency. XRP has been listed as one of the nine supported assets for its service. Although the exchange hasn’t announced when exactly it added the remittance and settlement token, it came to our attention in the early hours of the morning.
As reported by Crypto Briefing:
“XRP is one of two assets – the other being OmiseGO (OMG) – supported by the custody solution, but which cannot currently be traded on the exchange. Coinbase Custody also opted to use the Ripple logo, rather than that of XRP. Whether this has any significance is debatable, but the ongoing PR campaign to distance the XRP token from Ripple Labs is apparently not finding traction at Coinbase.”
There hasn’t been any official world from Coinbase Custody regarding the support for XRP and its social media accounts have been relatively inactive. In a recent blog post which was published in August, the service said it was currently exploring adding over 30 new assets to its solution. Including XRP, other coins that are featured in this are Dash, NEO and EOS. What is interesting about this is that Coinbase Custody went to use the logo for XRP in the blog post.
Coinbase Custody is an institutional level service that provides safe storage for digital currencies. “Its first deposit was accepted in the summer, and the service uses a mix of cold-wallet storage, as well as broker dealerships and reporting services. Deposits are fully-insured against theft.”
Speculation is already crowding on what the addition of XRP means for the asset. The other supported assets are all widely tradeable on the firm's fiat to crypto exchange.
Some investors have even begun to speculate that today’s move shows Coinbase responding to the growing institutional appetite for assets, other than Bitcoin and Ethereum.
The Head of Asia-Pacific at an investment bank, the Reserve, Nelson Ryan said that it showed a tentative initial move towards a bigger interest in XRP. Ryan said:
“The fact that Coinbase is offering to custody the asset for institutional investors before offering it on their retail platform says a lot about the real potential risks they still see that XRP may be deemed a security. At this stage, it only shows a demand for a wider suite of products and assets for investment and speculation.”
What are your thoughts? Let us know what you think down below in the comments!