Connect with us

Altcoins

Coinbase Becoming Custodian For 40 New Altcoins

Published

on

Coinbase
READ LATER - DOWNLOAD THIS POST AS PDF

According to Coinbase’s new announcement, the exchange is looking into adding up to 40 new cryptos to its custody.

Coinbase custody plans

With each passing day, cryptocurrencies are making more and more progress towards mainstream usage. Various large institutions are looking into them, hoping to find a way to implement them into their businesses. For a lot of investors, this represents an excellent opportunity. However, this is also a significant opportunity for businesses like Coinbase itself.

The exchange recognizes this, and they just issued a new announcement, stating their plans to explore and possibly add additional altcoins. The number of cryptos that the company found interesting exceeds 40. Among the coins that are being looked into are XRP, Monero (XMR), Dash, Telegram, and Tezos (XTZ).

According to the law, institutional funds are obligated to use custodians for securing their assets. Custodians, on the other hand, get to charge fees for keeping such assets safe from theft. So far, Coinbase has been acting as a custodian for 4 different coins — Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

To keep these assets safe, the exchange was charging $100,000 for a set-up, plus a 0.1% on a monthly basis. Additionally, the custodian’s customers have to store a minimum of $10 million. Through the addition of new assets, Coinbase will also increase its earnings from the custody services that it provides.

Coinbase’s plans for the future

This is important to note that the number of different firms that offer the trade of cryptocurrencies is constantly on the rise. Because of that, the margins are expected to drop in the future, and so the company needs an alternative way of making a profit.

The company’s spokesperson did not reveal any sort of a specific timetable regarding the addition of new coins. In fact, they even stated that there is no guarantee that the exchange will actually add all 40+ of them. All that the company is doing for now is exploring these coins.

Of course, Coinbase is not the only crypto firm that offers custody. Additionally, it is not usually selling a lot of assets that it stores in its role as a custodian. With that in mind, it is still unclear as to how much will this expansion actually help with boosting the company’s earnings.

At the moment, Coinbase’s custody consumers include the likes of Polychain Cap, Autonomous Partners, as well as Multicoin Cap. Its goal is to reach 100 or more institutional customers, as well as to store over $20 billion under custody, preferably before 2019 ends.

In the meanwhile, they also stated that next Tuesday will bring a new addition to its crypto list. Traders will finally get the ability to trade Ethereum Classic. The announcement regarding the addition of this crypto came earlier this year, in June. Ethereum Classic currently holds the 14th rank on CoinMarketCap’s list.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Zennie Abraham via Flickr

Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

Published

on

altcoins
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

Continue Reading

Altcoins

Why Binance May Be Crucial for Tron (Trx) to Reach $1

Published

on

TRON
READ LATER - DOWNLOAD THIS POST AS PDF

TRON (TRX) has been one of the most popular crypto projects in the past year. The coin has received a lot of attention from the entire crypto community, and although the impressions may differ —  the fact is that TRX is one of the most talked-about coins, even today.

However, while the project managed to achieve a lot in less than a year — launch its MainNet, start multiple massive projects, launch dozens of dApps, hundreds of smart contracts, its own DEX, new token, and more — its price remains quite low. Undoubtedly, one of the reasons for this is its massive supply. TRX circulating supply is over 66 billion coins, while the total supply is over 99 billion.

Even so, the coin is believed to be massively undervalued, with its current price sitting at $0.028129, according to TradingView. This price, together with a market cap of $1.88 billion, pushed the coin out of the list of top 10 largest cryptocurrencies, and it currently sits at 11th spot. But, many believe that this is not a permanent position for TRON. In fact, its community believes that it is only a matter of time before TRON rises through the ranks, and its price hits $1. And, the way for the coin to achieve this is believed to be through Binance.

TRON and Binance

Binance is one of the world’s…

Continue Reading

Altcoins

Why Tron (TRX) Price Won’t Remain Low for Long

Published

on

TRX
READ LATER - DOWNLOAD THIS POST AS PDF

TRON (TRX) has been one of the most popular cryptocurrencies in recent years. The project has achieved a tremendous amount of success in less than a year, and while the first birthday of its MainNet is approaching, TRON certainly continues to impress to this day.

With that said, its price is still noticeably low, and many would agree that the project is heavily undervalued. The low price even allowed other projects to push it out of the top 10 list, with TRX currently being the 11th largest cryptocurrency by market cap. However, it is likely that TRON will not remain undervalued forever, and that its price might soon see a surge that its entire community has been waiting for, for a long time now.

Why TRX might see growth soon

As many undoubtedly know, TRON is a lot more than just a cryptocurrency. It has developed a massive ecosystem, which offers a development platform for coins, smart contracts, and dApps. It also acquired BitTorrent last year for its Project Atlas, which will allow torrent users to earn crypto through participation in content sharing.

For this purpose, it also launched BitTorrent (BTT) token, which saw its launch on January 28, 2019 on Binance Launchpad. This was dubbed the most successful ICO in history at the time, although several coins launched since then have broken its record.

In addition,…

Continue Reading

Elite