In its latest announcement, the custodial wing of crypto exchange Coinbase – Conibase Custody – announced support for the Gram tokens. The Gram tokens (GRM) as we all know are the native cryptocurrencies of the Telegram Open Network (TON) blockchain.
In addition to the Gram tokens, Coinbase Custody will also support two other cryptocurrencies – Solana (SOL) and Orchid (OXT). Furthermore, in their official blog post, Coinbase said that this decision to support new digital currencies comes from their growing client base.
“As our client base has grown we’ve been busy adding new features and support for the assets that our clients need. The primary factor we consider when deciding which assets to support is clients’ demand — particularly around new network launches,” wrote the custodian.
Coinbase Custody is an institutional-grade crypto custodian launched with the aim to bring institutional players in the market. The crypto space has been largely plagued with notorious players which are stopping big players from entering the market.
With its custodian solution, Coinbase aims to solve this pain point in the industry. The custodian wrote:
“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”.
At present, Coinbase Custody serves over 120 clients from 14 countries around the globe. The platform has nearly $7 billion of Assets Under Control (AUC).
Telegram, on the other hand, is all set to launch its TON blockchain network ahead this month. The messaging giant has been working on its TON platform since January 2018, even before Facebook decided about entering the crypto space. Moreover, as per the earlier reports, Telegram has also raised millions of dollars for this project.
Earlier this week, Telegram also unveiled the terms of service for its Gram tokens and wallet. Last month, Telegram also made its Gram wallet available in the alpha version of the Telegram Messenger for iOS.