Coinbase Custody's new token support faces criticism

Earlier today, Coinbase Custody announced that they are looking into adding support for new digital assets. The move to support more coins comes as part of a broader plan to launch new features and demonstrate that Coinbase Custody is an innovative place for institutions to store their crypto assets across new geographies.

Coinbase Custody stated that,

“Part of growing the crypto-economy, Coinbase Custody will also be exploring ways to serve more institutional clients across the Asia-Pacific region.”

Coinbase custody, which takes pride in being one of the world’s largest and most trusted crypto custodians, received some backlash and criticism from users following the announcement.

Included in the list of 39 tokens being considered were $SUN and $TRON which has shocked some users, while others such as $ADA not making the list also came as a surprise.

However, reports have confirmed that $ADA was already announced for custody earlier during the Q4 summit.

[embed]https://twitter.com/To_The_Mars_/status/1317220589648662535[/embed]

While Coinbase custody is an independent entity from Coinbase exchange, some members of the crypto community have recently stipulated that Coinbase and other prominent exchanges have listed coins that insiders pump and dump in order to secure large profits.

[embed]https://twitter.com/CryptoGainz1/status/1317220444085379072[/embed]

[embed]https://twitter.com/AnondranCrypto/status/1316815331264991238[/embed]

These allegations have led many to question the integrity of the exchange’s common practices and due diligence before listing a coin. However, on Coinbase’s part, they have taken a few steps in the right direction as evidenced by the release of their recent transparency report.

As centralized exchanges face increased scrutiny from market participants as well as regulators, these moves to promote transparency will go a long will in maintaining customer trust.

The post Coinbase Custody's new token support faces criticism appeared first on AMBCrypto.