Coinbase will provide Custodial Support to Telegram Native token Gram

Coinbase exchange has announced that it will provide its custodial support to the digital cryptocurrency of the messaging platform Telegram.
The custodial support of the Coinbase exchange will be available for the native token of Telegram; Gram (GRM) and two other tokens SOL, and OXT at their launch.
As the Coinbase exchange says in its blog post released on 10th Oct:
Today, we’re announcing that Coinbase Custody intends to support the secure storage of GRM, SOL & OXT at each network’s respective launch.
Coinbase Custody is considered the largest and world’s leading cryptocurrency native custodian. It is a trusted company and is regulated by the New York Department of Financial Services shortly known as NYDFS. The company custodial platform is also regarded as the qualified custodian, according to the Investment Advisers Act of 1940.
In the announcement, the officials of the exchange say that though all of the three tokens will get custodial support of the Coinbase exchange yet for their approval on the exchange, they have to go through some of the processes such as internal evaluation and regulatory approval.
The main purpose of the Coinbase custody is to give these new networks a secure platform to save their digital cryptocurrencies.
Coinbase exchange says in the blog post that the new networks find difficulties in safely storing their digital currencies whenever they launch their new assets.
The exchange further says that as being the world’s largest crypto custodial platform it will provide solution to the problems of these new networks and institutional investors and traders by offering them its custodial service.
The token holders can get benefits from the offline storage platform and insurance coverage of the Coinbase custody.
Coinbase officials focus on the point that the exchange will not provide its custodial support to the new digital assets before their launch. So, it is clear that the custodial support is only available for the assets on their respective launch.
Apart from these three tokens, the exchange is providing its custodial service to almost 30 crypto assets.
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