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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

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Altcoins

TRON (TRX) Is Likely to Go Big in June

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We are now halfway through 2019, and the situation in the crypto space is better than ever in the past year. Numerous cryptos are seeing large gains, often cut by brief periods of stagnation or small corrections, but the overall sentiment is obviously bullish.

Bitcoin sits way above the $8k mark, and while it struggles to go beyond $8,700, it is still trying to grow. Investors and analysts are quite bullish regarding the foreseeable future, and a lot of altcoins are expected to follow BTC in this regard. However, today, we would like to talk about one particular altcoin — TRON (TRX) — as well as why it is likely to go big in June.

TRON’s progress so far

As many people in and out of TRON community know, TRX is not a project that often sits still. It is rich with announcements, particularly when it comes to his CEO, Justin Sun, whose enthusiastic tweets often seem like hype building to many.

However, TRON made some massive progress in 2018, which was the worst year cryptocurrencies have ever seen. This is not something that can be achieved through hype alone, and the project needs to have true quality and value in order to see such massive development in the middle of the longest and harshest crypto winter in…

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Altcoins

IOTA (MIOTA) Pending Update Might Bring Huge Gains in Days to Come

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The crypto space is erupting once again, and if popular predictions are correct — the growth is only starting. However, in the vast sea of altcoins that hold the massive potential to go big in the future, we would like to set IOTA aside as one of the coins that might blow up quite soon.

As always, there are no guarantees of this, as the crypto space still lacks regulations, and remains highly volatile. To see proof of this, all you need to do is look at Bitcoin, which goes up by $1,000 within a day, only to slowly drop by $700 in the following week, and then repeat the process. In other words, there is still a lot of uncertainty regarding any project, and that includes IOTA.

However, even with all of that in mind, many are quite optimistic about this particular project, especially after a recent announcement. The announcement in question indicates that IOTA is about to see a massive upgrade. In most cases, this would be more than enough of a reason to expect the coin to start performing better. But, in IOTA’s case, this is nearly a guarantee that it will.

The update is believed to carry a lot of fixes for a lot of problems that traders and investors have been reporting for a while. No crypto is perfect, and since IOTA is…

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