Coinbase is a significant crypto exchange in the cryptocurrency market, ranking third in terms of world trading volume handled.
This exchange’s services and resources are accessible in both government and non-government entities, which is a strong reason to adopt it.
The Coinbase exchange said recently that it had included eight more cryptocurrencies in its crypto Custody services, including $VR, $CQT, $KEY, $QSP, $MFG, $NOIA, $DEXE, and $HEGIC.
Coinbase’s crypto custody service is a cryptocurrency account system for high-net-worth individuals and institutions. Users can keep large sums of crypto assets without fear of losing them using this service.
Coinbase exchange’s backing for small-cap crypto assets demonstrates that the firm is concerned about the current circumstances, and it is anticipated that it would take all necessary steps to increase income.
When the firm released its earnings call report in the middle of last month, several users began to spread rumors regarding Coinbase Exchange.
Word on the street circulated that the Coinbase exchange was on the verge of bankruptcy, but Brian Armstrong, the exchange’s CEO, responded on Twitter and stated that this is not the case.
However, Brian warned that a problem could occur in the future because the SEC agency wants to know the exchange’s mechanism for handling institutional investors’ crypto assets through crypto custody services.
He tweeted that exchnage is not in danger of going bankrupt, but he added a new risk element based on an SEC regulation known as SAB 121, which is a new mandatory disclosure for public firms that retain crypto assets for third parties.
Brian further tweeted that Coinbase thinks its Prime and Custody customers have significant legal protections in their terms of service that protect their money, even in the case of a black swan occurrence like this.
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