Coinbase Custody Explores Adding 37 Cryptocurrencies, Including WBTC

News / 18.10.2020
Coinbase Custody, the arm of popular exchange Coinbase that provides custodial services, considers adding 37 cryptocurrencies to its services.

DeFi tokens dominate Coinbase List

The Custodial platform posted on its blog a list of 37 cryptocurrencies for research. The custodial platform offers storage solutions beyond the reach of any attack—the long list of Coinbase Custody mainly composed of DeFi tokens.

Coinbase Custody’s message is clear that decentralized finance (DeFi) and tokens have potentials. Some popular tokens on the list include Tron (TRX) and its sister token BitTorrent (BTT). Coinbase Custody also includes VeChain, Ontology, and Neo.

We noted, in particular, the predominance of tokens linked to the Tron ecosystem, such as TRX and BTT. Also, Aave, the flagship token of decentralized finance platform AAVE, is on the list.

Tokenized versions of Bitcoin are also included, such as TBTC and especially WBTC. WBTC has become the most popular tokenized version of Bitcoin on the Ethereum blockchain.

 “Over the next few months, we plan to support more assets and launch new features that will continue to demonstrate that Coinbase Custody is one of the most trusted and innovative places for institutions to store their cryptocurrencies.,” Underlines the press release.

A major milestone for DeFi

Launched in 2018, Coinbase custody offers clients offline storage solution for their cryptocurrencies. The Custodial firm manages a minimum asset value of $1 million and currently holds $1 billion in assets.

Coinbase Custody has, in the past months, taking a serious look at the DeFi industry. The service notably added token support for several protocols. This includes YFI of Yearn.Finance, the BAL of Balancer, and the UNI of Uniswap. This list also shows that it is banking on the growth in the DeFi niche in years to come.

WBTC and AAVE are top projects on the list due to their prominent position in the DeFi landscape. The potential addition of many DeFi crypto assets by Coinbase Custody is a great one. DeFi tokens have surprised many with their potentials and bring new possibilities.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.