Coinbase Custody Planning Support For 40 Cryptocurrencies

Coinbase have recently announced their plans to add custody support for 40 cryptocurrencies, including, XRP, NEO, Ontology and many other major cryptocurrencies. Coinbase  is one of the largest cryptocurrency exchange platforms in the world. They currently support Bitcoin, Bitcoin Cash, Ethereum and Litecoin, with upcoming assort for Ethereum Classic. Well now Coinbase custody are planning support for 40 cryptocurrencies on top of this.

On Friday, Coinbase announced it “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.” With plans to feature support for a further 40 digital assets.

Institutional funds are required by law to use a custodian to hold their assets, the custodian service protects said funds from theft and charge a fee for this service. Coinbase act as a custodian for their the four cryptocurrencies offered on their platform and currently charge 0.1% in addition to a $100,000 set up fee. The minimum amount stored must be $10 million

 

Coinbase planning support for 40 cryptocurrencies.

The most notable digital assets Coinbase are planning support for are; Dash, NEO, VeChain, Monero, EOS, XRP, Nano, Ontology and QTUM with the full list below.

Compared with all the other cryptocurrency exchanges Coinbase has arguably the lowest amount of digital assets available to its users, however, they still boats one of the largest user bases compared with their competitors. Should Coinbase add support for an additional 40 cryptocurrencies via their custody service, this may lead to addition of the same currencies to their other platforms. Such as the standard exchange or Coinbase Pro. Although this is not guaranteed as Coinbase have announced their custody service is likely to hold more funds than their other trading platforms.

Coinbase Custody is a custodial service for institutional clients optimized for storing large amounts of cryptocurrency in a highly secure way. As we’ve stated before, Coinbase Custody will likely support more assets than those available to trade through other Coinbase products.

A Coinbase spokesperson declined to provide a specific timeframe for when exactly the additional digital assets will be available. The company also says plans to add all 40 of the assets are not guaranteed, they are simply exploring the option of these set assets.

 

 

The post Coinbase Custody Planning Support For 40 Cryptocurrencies appeared first on Daily Bitcoin, Blockchain & Cryptocurrency News.

Russia Overturn Their 2 Year Cryptocurrency Media Ban

Back in July 2016, a court in Russia ruled to block bitcoininfo.ru without allowing the sites owners any trial. The court was Vyborg district court in St. Petersburg, they deemed that cryptocurrencies are “a means of virtual payment and accumulation,” meaning that sharing such information is therefore illegal as it could undermine the ruble (Russia’s fiat currency). From this point on Russia declared a cryptocurrency media ban.

Following the cryptocurrency media ban an appeal from the sites owners was also denied in an attempt to have the case reconsidered. The ruling stated this would not happen unless the Supreme Court where to overturn the decision.

Well fast forward a couple of years and that has now happened…

Russia overturn cryptocurrency media ban

It was announced back in March that the Supreme Court were to review the decision made by the city court back in 2016.

It has now been announced that the city court will now overturn the cryptocurrency media ban following a ruling by the Supreme Court.

“The St. Petersburg City Court quashed the decision of the district court to recognize the information posted on the Bitcoininfo.ru website,”

The regulation of bitcoin and cryptocurrencies continues to be a conflicting issue in Russia amongst government officials. Last May, the Oktyabrsky District Court of St. Petersburg decided to block websites that post information about bitcoin. After the court determined that promoting the use of bitcoin and other cryptocurrencies is supporting the growth of the ‘black markets’ such as drugs and weapons markets.

It seems they failed to see the true use of cryptocurrencies and explained that cryptocurrencies cannot serve any legal purposes. This decision was appealed by the St. Petersburg prosecutors office in February 2018, which led to the decision being overturned.

It seems the latest rulings appear to be part of Russia’s overall regulatory framework, which is in the process of being drawn up and passed, with the expected date as early as mid 2018.

 

The post Russia Overturn Their 2 Year Cryptocurrency Media Ban appeared first on The UK's #1 Cryptocurrency News & Publications Site- bitGuru.