Crypto exchange and wallet operator Coinbase from the USA will support the upcoming crypto currency of the messaging service Telegram according to an announcement of the company.
Coinbase Custody will support the Telegram Open Network (TON) native Gram token (GRM) at its launch, according to a blog post by Nicolas de Bontin, Institutional Sales Coinbase, published on 10 October. Coinbase Custody is a crypto custody solution for institutional investors.
Insured Offline Storage
According to the announcement, Coinbase will support the secure storage of three future tokens — GRM, Sola (SOL) and OXT (OXT) — at their respective launch. The custodial solution will give GRM token holders access to an insured offline storage facility.
Coinbase Custody is a limited liability trust regulated by the New York Department of Financial Services, as the Exchange emphasizes. It acts as a qualified trustee in accordance with the U.S. Investment Advisers Act of 1940.
According to Coinbase, the safekeeping of new important tokens is difficult for institutional investors. A costody solution from day one is therefore of particular importance: “As a leading institutional crypto custodian, we’re excited to continue to provide solutions to custody directly from new networks at launch, solving a significant pain point for the industry. As more networks launch tokens, institutional investors face a critical challenge in finding ways to securely hold each new unique asset. Coinbase Custody solves this problem by offering secure and trusted custody solutions for these new assets at launch,” the blog post said.
Not the first provider
Even before Coinbase Custody, the subsidiaries of Anchor Labs, Anchorage Trust Company and Anchorage Hold, had announced an institutional custody solution for GRM on October 8.
However, in the absence of registration with the United States Securities and Exchange Commission, they will not be able to offer their services to New York-based clients for the time being.
The launch of the highly anticipated TON network is scheduled for the end of October, Telegram announced on October 2. To participate, investors must provide Telegram with a public key generated with special software in order to receive their Gram tokens by October 16.