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Coinbase Custody Reveals Coins Up For Potential Support

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Coinbase Custody, a subsidiary of the Coinbase cryptocurrency exchange has announced a set of coins and digital assets it is set to provide custody support for provided regulatory approved in defined jurisdictions permit.

As revealed by the company, the announcement for the coins is in its bid to expand on its custody coin listings, a move to solidify its position as the leader in the industry.

The journey through the events and activities in the cryptosphere most times is best experienced with an individual or a veteran with trusted experiences and safety that can guarantee one would not get burned by the volatilities and the scam ridden nature of the space. The risk of owning cryptocurrency assets may even be described as outrightly more profound than keeping custody of it. One may get shut out of any wallet holding one’s assets if the passwords are forgotten while keeping custody of the same in an unsafe custody service provider may result in a hack.

The need to give crypto-asset holders a certain level of guarantee is why Coinbase Custody was established and with numerous digital assets proliferating by the day, Coinbase Custody has stepped up to the corresponding demand to support more assets. Per the update published by the team, the site has drafted two new tokens including FTX Token (FTT) and Serum (SRM) and aims to enlist more in the coming months.

Of the digital assets, the firm is considering to add custody for includes but not limited to Wrapped Bitcoin (WBTC), Aave (AAVE), Paxos Standard (PAX), and Ontology (ONT). Taking note of the discrepancy in regulatory laws among countries where each of these tokens have found increased adoption and integration, Coinbase Custody noted that it will be supporting each of these coins on a case by case basis as relating to each nation’s crypto laws.

Based on this fact, no assurance can be given for when any of the coins will be available in any jurisdiction.

Coinbase Custody Service Combines Diversity and Value Offering

Launched in 2018, Coinbase Custody has grown to offer custody services amongst a diverse range of coins now totaling more than 90 percent of cryptocurrencies by market capitalization while constantly fighting to add more.

The debut of the Coinbase Custody service though primarily launched to aid institutional investors to manage their digital asset portfolio, the service is generally available to clients with a large number of crypto holdings. The service promotes or drives crypto adoption by continually adding new coins for its more than 300 institutional investors. With security and insurance part of the catch, Coinbase Custody offers other value-added services including network participation and delegated proof of stake to offer clients access to benefits well beyond offline storage. This way, customers can take profits no matter how little while sure of the safety of their funds.

One apparent disclaimer while attempting to use the service is that there is no guarantee that any digital asset supported for custody will be listed on the exchange’s trading platform.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Price analysis 6/16: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCH

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Bitcoin’s recent rejection at $41,000 could extend the current range-bound action for a few more days and altcoins are expected to follow suit.



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Crypto fan tokens a mixed bag for game-deprived soccer fans

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Soccer fan tokens emerged as an offshoot of the tokenization craze in cryptocurrency sometime around 2019. Essentially acting as tokenized shares of influence, fan tokens give supporters of sports organizations the chance to take part in club polls, win unique prizes, and gain a small say in club decisions which are designed to spur increased fan engagement but are often only aesthetic in nature.

But despite the seemingly superficial nature of fan tokens, their prevalence only went from strength to strength as the years went by, as major European football clubs such as Barcelona, AC Milan, Manchester City, Paris St. Germain and many more adopted the tokens.

A sizable adoption boost was witnessed across 2020 and 2021 as the fallout from the COVID-19 pandemic resulted in sports stadiums hosting games behind closed doors. European soccer’s governing body, UEFA, predicted that major clubs would share losses of 8 billion euros ($9.7 billion) due to a lack of gate receipts and broadcasting revenues.

With this in mind, it perhaps makes sense to see major clubs team up with blockchain fan token platforms like Chiliz, which hosts fan token offerings via the Socios website. As reported by Reuters, Chiliz shares half of the proceeds from its token sales with its partner clubs, and the firm anticipates $200 million worth of sales throughout the rest of 2021.

Chair of the Football Supporters’ Association for England and Wales, Malcolm Clarke, said clubs had undoubtedly made money from the launch of fan tokens during the course of the pandemic. But Clarke said allowing fans a cosmetic say in how clubs are operated, or, “trying to squeeze extra money out of supporters by making up inconsequential ‘engagement’ online polls,” wasn’t a good look either way.

A spokesperson for AC Milan, which launched its fan token amid the pandemic lockdown, said launching fan tokens was a strategic move designed to enhance its digital presence and “stay closer” to fans.

The overall value of the fan token market across all platforms is currently worth $260 million — a 900% increase on the figure from this time last year, according to data from FanTokenStats.

However, that statistic only tells half the story. The value of fan tokens plunged along with the rest of the crypto market after peaking in April and May, and lost more than 55% in the turmoil that followed, briefly dropping to a combined value of $228 million.

This volatility, combined with rising matchday costs in general, has left some fans feeling priced out of having their voices heard. Sue Watson, chair of West Ham United Independent Supporters Association, asked, “Why should you have to pay to have any sort of say in the club?”

Adding to season ticket costs and expensive soccer strips, Watson said fan tokens were just an example of yet more costs piling up. “It mounts up, it’s not cheap,” she said. Watson’s comments hint at a growing trend in European soccer in particular which has seen fan costs skyrocket amid what many regard as the gentrification of what was once a working-class pastime.

Related: NBA Top Shot leads NFT explosion with $230M in sales

Acting as a further reminder of the largely superficial nature of fan tokens is the recent attempt by several major European and British football teams to form their own European Super League. The goal of forming the breakaway league ultimately failed, but no fan groups, broadcasters or advertisers were consulted regarding the league’s attempted formation, let alone fan token holders.

The sports world also joined hands with nonfungible tokens in recent months, as the NFT craze hooked numerous sports organizations and brands which utilized the technology to auction unique fan experiences.

While NFT sales fell by over 90% since peaking in Q2, sports-related NFTs actually showed the most resilience to the market drop, declining by just 55%. At the time of publication, the sports-based NFT platform Sorare was among the top three apps ranked by daily sales volume, with $1.5 million sold in the past 24 hours. Its sales count over the past week stands at over 6,000, outnumbering art collectible CryptoPunk’s 57 sales by some margin, according to data from NonFungible.