Coinbase to add new coins to their Custody Service.

Yesterday Coinbase announced that they would be adding 40 new coins to the Custody Service.

More about that can be found here:

http://fortune.com/2018/08/03/coinbase-custody/

If you are not familiar, Coinbase announced a custody service where they will store coins for clients/customers for a fee.

Institutional funds, by law, are required to use a custodian to store assets.

Coinbase creating this service was supposed to help bring more institutional money into the space.

So far the results have been mixed.

A few funds have been reported to already be using the service but others are said to be waiting for one of the main Wall Street firms to offer a similar service before they get involved.

Steem gets included!

Of the 40 coins expected to be added to Coinbase Custody, our beloved Steem is one of the coins mentioned.

Here is a snapshot of some of the coins being listed:

(Source: http://fortune.com/2018/08/03/coinbase-custody/)

You can see Steem up there near the right hand corner.

However, not trading on Coinbase, yet.

Before we get too excited here, this does not mean that Coinbase is going to allow trading of steem or make a market for it.

Coinbase hasn't made any new additions to the coins listed on their exchange outside of adding Ethereum Classic.

The custody service is to allow investors to store coins with a custodian.

Whether that will apply much to steem or not remains to be seen.

While not earth shattering news, it was nice to see steem included in that list of 40 coins.

Stay informed my friends.

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