Crypto Exchange Giant Coinbase Offers Custody Support for Six Little-Known Altcoins, Including Four DeFi Tokens

Coinbase continues to expand its crypto footprint by extending custodial services support to half a dozen altcoins, including four decentralized finance (DeFi) tokens.

In a new announcement, the US-based cryptocurrency exchange says it’s adding six new cryptocurrencies to its roster of 200+ assets that are part of the Coinbase Custody cold storage trust.

Coinbase Custody is a custodial service for institutional investors with big money. It’s chartered in New York State and designed to give clients a highly secure way to store large amounts of cryptocurrency.

First getting the nod from Coinbase is Bifrost (BFC) which bills itself as the world’s first blockchain middleware, a DeFi protocol built on Kusama (KSM). The platform aims to allow engineers to easily build on top of multiple blockchains and combine the best features of various protocols. Its open-source, decentralized Biport Wallet went live last November.

Bifrost surged overnight from a weekly low of $0.13 to above $0.15 but has since corrected with BFC now up by 4.63% and priced at $0.14.

Next up is Ethereum-based Coin98 (C98), a self-described “all-in-one” DeFi platform where users can swap, stake, borrow, lend and earn crypto rewards.

Coin98 is currently up by 2.41% and trading for $1.32.

Also joining the Coinbase cold wallet roster is the multi-chain, liquidity-providing DeFi exchange DODO (DODO) which is geared for Web 3.0. Users can mint their own tokens, create liquidity pools as well as fractionalize their non-fungible tokens (NFTs).

At time of writing, DODO is down 1.33% and valued at $0.35.

Also added to the Coinbase Custody slate is Reef Finance (REEF), which caters to users of DeFi, non-fungible tokens, and gaming. The community-governed project is cross-chain compatible as well as with the Ethereum Virtual Machine (EVM).

Reef Finance has experienced choppy downward price action over the past month, and currently, REEF is in the red by 1.59% at a going rate of $0.008 per token.

Also getting the nod is Metal (MTL), another Ethereum-based altcoin project which is designed to bring crypto payments to the mainstream. The Metal Pay wallet app allows people to buy, sell and trade cryptocurrencies as well as send capital to acquaintances.

Currently, Metal is up nearly 3% and changing hands for $2.64.

Last on the list is Prometeus (PROM), whose open-source network prioritizes freedom of expression while enabling users to monetize their data.

Prometeus is down 1.91% on the day and priced at $8.19, but remains up 6.9% from its monthly low of $7.66 on Tuesday.

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Featured Image: Shutterstock/klyaksun




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