Crypto exchange Coinbase has announced that it will provide custodial support for the cryptocurrency to be launched by Telegram, GRM Token.
In an official blog post published on October 10th, the exchange revealed that Coinbase Custody — its digital assets custodian solution for institutional investors — will launch support for the Telegram Open Network’s (TON) native token Gram (GRM) when it’s live.
Per Coinbase’s announcement, it will support the secure storage of three forthcoming tokens in total GRM, Sola (SOL) and OXT (OXT) at each network’s launch. The announcement revealed that Custodial support will provide GRM token holders with offline storage and insurance coverage.
Coinbase Custody is a limited-purpose trust company chartered and regulated by the New York Department of Financial Services, having fulfilled the requirements to become a qualified custodian under the U.S. Investment Advisers Act of 1940.
According to the announcement, “as more networks launch tokens, institutional investors face a critical challenge in finding ways to securely hold each new unique asset,”