A new report issued by the DFS (Department of Financial Services) of the state of New York stated that cryptocurrency exchange Coinbase has received an approval to form custodial firm for cryptos. The new firm, Coinbase Custody Trust Company LLC, will offer custody services for six different digital currencies. These will include all major coins that Coinbase has already listed — Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic — but also Ripple (XRP), which does not fall under that category.
The new move was announced only a few hours after Coinbase officially added support for USDC. Up to this point, the exchange already had two DFS licenses — Virtual Currency license, and Money Transmitter license. These two allowed it to trade, store, receive and transfer digital assets. While it is still unclear whether or not the new subsidiary will offer custody services for altcoins like USDC or ZRX, which are now also listed on the exchange, the move is still very beneficial to the general crypto market.
Asiff Hirji, the president and COO of Coinbase, commented by saying that that the NYDFS has always been a strong supporter of the crypto industry and its development. Furthermore, by opening new channels of funding, Coinbase will bring significant benefits to the crypto space.
Coinbase moves to further expand its services
The exchange’s recent moves are very different from their usual approach. Apart from furthering the establishment of cryptocurrencies and bringing them closer to mainstream use, Coinbase is also accelerating the adoption of additional altcoins. While this may only be a response to an increase in demand, it is still a good development for the cryptocurrency industry.
Another reason why this move will help Coinbase significantly is the fact that it is not the only crypto business to ask and gain approval to offer custody services. Other companies, such as Prime Trust, BitGo, Northern Trust, and multiple others have done the same thing. By gaining the approval, Coinbase will now be able to rise up to meet the competition on equal ground.
Not only that, but the exchange also seeks approval for multiple other projects, such as the broker-dealer license, registered investment advisor license, and even a license for an alternative trading system. Additionally, a report from August 2018 stated that the exchange is making expansion plans, which will double the number of their employees in New York. These plans come as preparation for a larger goal of providing services to institutional investors, many of which have developed an interest in the crypto market.
Finally, considering that Coinbase will now offer custody services for XRP as well, the community started speculating whether or not this means that Ripple will soon be listed. So far, Coinbase has not confirmed these rumors, but the investors remain optimistic.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…