Coinbase Custody program adds 30 coins including Steem to it’s portfolio holdings capabilities ....interesting
Source: https://bitcoinist.com/coinbase-custody-xrp-eos-monero/
I gues we should first answer what this Coinbase capability is all about.
Coinbase is becoming a “trusted” financial bank/exchange etc...for LARGE Institutions when it comes to cryptos.
Many financial investments will include cryptos in the future — example would be that people invest in 401k or IRA for savings. These investments require a “custodian” today. That means a party who is responsible, insured, does proper reporting etc.... so Coinbase is saying to the world we can HOLD cryptos for your investments as a “custodian” — which is very important for institutions to be in compliance with regualations.
Steem so happens to be one of those 30 coins ...see list below:
So what does this mean ? It means that larger investors who buy or invest in these coins or have clients that have these coins can use Coinbase as a custodian.
This is not Coinbase offering these 30 coins for trade....other exchanges or brokerage firms will be doing that.
Overall this is great news for large clients.
Easier to buy can increase demand. Sometimes i like a coin and then when i check market, it is traded in an exchange that i am unfamiliar with, i might change my mind, due to laziness to register
The larger monies had said that these types of services are essential for them to invest in cryptos.
Superb! I think I have 47 in my crypto portfolio but, according to this, need to round out the missing three to match Coinbase’s opinion. They obviously are an easy entry point for noobs. So this will likely prove a sizeable lump for most of the above. EOS comes as no surprise. But now to find those Bitshares....they migrated to a new wallet platform so it has been frustrating on a good day. And I’m not a techie - it has been confusing.
Thank you and I know it takes much time to reseach and learn etc... I simply pointed out what Coinbase is going to hold (and many more will be coming). I certainly don’t mean to imply that people need to own these in their holdings. Stick with excellent quality and we will see what happens when the market rises.
Good for the future. Near future that is.
Now you see why Goldmans comments seem “mis-timed and obvious” when all this real infrastructure news is here to see each day.
Are they preparing for something that we don’t know about?
It’s for larger institutions and wealthy individuals that need such services.