Leading crypto exchange, Coinbase, announced that it’ll provide custodial services for Telegram’s proposed cryptocurrency, GRAM.
In a blog post, the San Francisco-based company announced its support for Telegram’s crypto project. Accordingly, Coinbase Custody, the company’s custodian for institutional investors would provide secure storage for the GRAM token after its release.
Additionally, the custodial service will support two cryptocurrencies, which are Solana (SOL) and Orchid (OXT) tokens.
What are the possible benefits?
Importantly, Coinbase noted that their driving force is customer satisfaction. “The primary factor we consider when deciding which assets to support is our clients’ demand. Majorly around new network launches,” the post reads.
The custodian service allows holders of these new networks to benefit from Coinbase Custody’s industry-leading offline storage platform. As well as the insurance coverage from the outset of network launch.
Also, Coinbase Custody, a limited-purpose trust company chartered and regulated by the New York Department of Financial Services (NYDFS). It has satisfied the high standards of the NYDFS. Hence, making it a qualified custodian under the Investment Advisers Act of 1940.
Additionally, Coinbase Custody has a proven track record of providing seamless custody solutions at launch. The custodian service is known as both the first and largest custodians for both Blockstack and Algorand.
Coinbase desire to ensure customer satisfaction is also backed with action. Last week, Coinbase along with other leading crypto organizations set up a Crypto Rating Council. Importantly, the Council ensures that market participants in the crypto industry comply with the US federal securities law.
The official post said: “As a leading institutional crypto custodian, we ensure custody solutions to new networks at launch. Therefore, solving a significant pain point for the industry. As more networks launch tokens, institutional investors face a critical challenge in securely holding each new unique asset. Coinbase Custody solves this problem by offering secure and trusted custody solutions for these new assets at launch.”
Click here to open a Coinbase Custody account.
What’s Coinbase been about?
Earlier this week, Coinbase announced the minting of USDC tokens worth $30 million on Ethereum’s blockchain. Besides, the exchange announced eligible US customers can earn 1.25% APY on every USD Coin held on the exchange.
Find more updates about Coinbase here.