Crypto exchange giant Coinbase offers custody support for six little-known altcoins, including four DeFi tokens
Coinbase continues to expand its crypto footprint by expanding custodial support to half a dozen altcoins, including four decentralized finance (DeFi) tokens.
In a new announcement, the US-based cryptocurrency exchange says it is adding six new cryptocurrencies to its list of 200+ assets that are part of the Coinbase Custody Cold Storage Trust.
Coinbase Custody now supports deposits and withdrawals for $BFC, $C98, $DODO, $MTL, $PROM, and $REEF
details here? https://t.co/HtybLZye3z pic.twitter.com/ZnmLXncD9N
— Coinbase Assets (@CoinbaseAssets) April 28, 2022
Coinbase Custody is a depository service for institutional investors with a lot of money. It is chartered in New York State and aims to provide customers with a highly secure way to store large amounts of cryptocurrency.
The first nod from Coinbase is Bifrost (BFC), which bills itself as the world’s first blockchain middleware, a DeFi protocol built on top of Kusama (KSM). The platform aims to allow engineers to easily build on top of multiple blockchains and combine the best features of different protocols. The open-source, decentralized biport wallet went live last November.
Bifrost surged from a weekly low of $0.13 to over $0.15 overnight but has since corrected, with BFC now up 4.63% and priced at $0.14.
Next is Ethereum-based Coin98 (C98), a self-proclaimed “all-in-one” DeFi platform that allows users to trade, stake, borrow, lend, and earn crypto rewards.
Coin98 is currently up 2.41% and is trading at $1.32.
Also joining Coinbase’s list of cold wallets is multi-chain, liquidity-providing DeFi exchange DODO (DODO), which is geared towards Web 3.0. Users can mint their own tokens, create liquidity pools as well as fractionate their non-fungible tokens (NFTs).
At the time of writing, DODO is down 1.33% and is trading at $0.35.
Also added to the Coinbase Custody list is Reef Finance (REEF), which caters to users of DeFi, non-fungible tokens, and games. The community managed project is cross-chain compatible as well as with the Ethereum Virtual Machine (EVM).
Reef Finance has seen a choppy price move lower over the past month and currently REEF is down 1.59% at a current price of $0.008 per token.
Metal (MTL), another Ethereum-based altcoin project aiming to bring crypto payments into the mainstream, also gets the nod. Metal Pay’s wallet app allows people to buy, sell and trade cryptocurrencies, as well as send funds to friends.
Currently, Metal is up nearly 3% and is changing hands at $2.64.
Last on the list is Prometeus (PROM), whose open-source network prioritizes freedom of expression and allows users to monetize their data.
Prometeus is down 1.91% on the day to trade at $8.19 but remains 6.9% above its monthly low of $7.66 on Tuesday.
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