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Coinbase Becoming Custodian For 40 New Altcoins

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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.

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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.

Image courtesy of Zennie Abraham via Flickr

Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Can Libra help the crypto industry to reach new heights?

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Libra is motivated and determined to change the face of payment procedures across the globe and make the blockchain-based project the leaders of payments.
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.

From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.

What is Libra?

Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.

Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.

The development of…

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