Coinbase has announced multiple new services in recent weeks. After months of positive development, the United States based exchange has shown no signs of slowing down. In fact, with the development seen throughout the company in the past year, they have moved well beyond that of just an exchange. They are becoming a well-rounded company, offering services for every level of investor.
It is often stated that one of the last major hurdles before institutional money flows into crypto is a custody solution. Coinbase made a major step towards solving this in past weeks. They have launched a product named Coinbase Custody. This is a service tailor-built to safe-harbour investor’s funds. It is an insurance backed holding solution which will alleviate fears associated with unreliable wallets, and exchange services. It is an important service.
Building off the momentum of this recent announcement, Coinbase has now made it known that they are actively working to broaden the appeal of Coinbase Custody. Originally, only a solution for holding Bitcoin, Coinbase is actively working on bringing support for an additional 37 tokens/coins. That is quite a leap from just one.
These are the tokens/coins currently being explored for the service. By broadening its service to support these various offerings, Coinbase is will effectively broaden its appeal to a greater market. Not everyone is a Bitcoin maximalist, and they recognize this.
Interestingly, many of the tokens/coins being considered in the expansion are not market leaders. Projects such as DECRED, NEM, Monero, and Stellar are no surprise. These are companies that have established working products, with some level of industry adoption. It is the Bitcoin Gold, Dogecoin, and similar considerations that are somewhat perplexing. For a service geared towards safe holding the funds of professional, institutional investors, it is hard to see many pouring money into a coin that is based upon a meme.
Regardless of the coin choice, this expansion is a good step towards building the appeal of the service to a broader range of investors. Continued growth of Coinbase Custody should hopefully kick off a wave of services throughout the industry looking to develop platforms that truly safe-hold investors’ money.
Looking to support the use of cryptocurrencies for online payments, Coinbase has launched a new plugin dubbed ‘React’.
For online merchants, over 28% globally use WooCommerce. This is a plugin based on WordPress, allowing for online merchants to collect payments for services rendered. The new ‘React’ feature works within the WooCommerce plugin, allowing for payments to be made in cryptocurrencies.
The ‘React’ feature will allow a direct link between the Coinbase accounts of merchants to the sending wallet of a customer. This means fast transactions, with no fees seen on behalf of the merchant. Currently the feature only supports Bitcoin and Litecoin, however Coinbase is working to bring support for its other tokens/coins (Ethereum, Bitcoin Cash).
With almost a 1/3 of all online merchants globally using WooComerce, the customer base for this new service is huge. It brings an easy to enact manner in which merchants can offer a new service to their customers. Not only is the potential exposure great, but the exposure is easy to attain. To utilize the ‘React’ service is as simple as embedding a few lines of code into the website.
Between expanding custody solutions geared towards professionals, and online accessibility geared towards online shopping, Coinbase is making great headway. Although they are the first to be offering these solutions, look for other companies to begin popping up if Coinbase proves to be successful in these endeavours.