Major cryptocurrency exchange Coinbase has announced support for popular encrypted messaging service Telegram’s upcoming token launch. Coinbase Custody, its official custody solution for institutional investors, will support Telegram Open Network’s (TON) native Gram (GRM) token at launch.
Coinbase’s official announcement stated that it intends to support Solana (SOL) and Orchid (OXT), in addition to the GRM token. Holders of these new tokens will be able to benefit from Coinbase Custody’s offline storage platform and insurance coverage right from the launch of these networks.
The exchange stated that it is a limited-purpose trust company chartered and regulated by the New York Department of Financial Services (NYDFS). It also added that it meets the high standards of the NYDFS and is a qualified custodian under the Investment Advisers Act of 1940.
Incidentally, Coinbase Custody was also the first and largest custodian for both Blockstack and Algorand.
Coinbase said, “As a leading institutional crypto custodian, we’re excited to continue to provide solutions to custody directly from new networks at launch, solving a significant pain point for the industry. 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.”
The much-anticipated TON is set for launch sometime later this month. It is noteworthy that Liquid exchange had hosted an unofficial public sale of GRM tokens earlier this year.
(Image Credit: Coinbase Blog)