Coinbase Takes the Lead in TON Custody
On October 10, Coinbase, the major player in the U.S. crypto exchange scene, announced its plans to offer custodial support for the soon-to-launch Gram (GRM) token from Telegram’s much-anticipated Telegram Open Network (TON). It seems that as Telegram dives into the crypto waters, Coinbase is diving in alongside them as the trusty lifeguard.
Custodial Support and Insured Storage
Coinbase Custody will handle GRM, Sola (SOL), and OXT (OXT)—that’s right, they’re basically starting their own token zoo. This custodial service promises secure offline storage, and get this—insurance coverage! Because who doesn’t want their crypto safely guarded like a high-priced diamond?
Understanding Coinbase Custody
Now, what is Coinbase Custody, you may ask? It’s a specialized solution catering to institutional investors, chartered and regulated by the New York Department of Financial Services. This means they’re not just a bunch of guys in a basement, but serious custodians—think of them as the Fort Knox of digital assets.
The Challenges of New Token Launches
As Coinbase pointed out, launching new tokens is somewhat like herding cats—especially for institutional investors who have to figure out how to securely handle each shiny new digital asset. Hell hath no fury like an unprepared investor, right?
Competition on the Field
Coinbase isn’t the only game in town. Anchorage Trust Company, another player in the custodian space, had its own announcement regarding GRM a couple of days prior. However, Anchorage is playing by different rules as it hasn’t yet danced with the SEC, limiting its clientele—especially in that bustling metropolis known as New York.
Ticking Clock for Gram Token Holders
The official launch of the TON network is in late October, and investors are required to provide Telegram with a public key to snag their Grams. That deadline? October 16. So, if you’ve procrastinated your crypto preparations, now might be the time to get your act together.
In late September, Telegram unveiled a sneak peek of a wallet for the Gram token on iOS. So, put your party hats on, folks—this token launch looks like it’s going to be one for the books!
