Coinbase Custody Will Support Telegram’s GRM Token At Launch

The major US based cryptocurrency exchange and wallet provider Coinbase (and its custodian Coinbase Custody) is in the cryptonews for its recent announcement that it will provide custodial support for the new and upcoming cryptocurrency released by the popular encrypted messaging service Telegram.

The exchange published a blog post on October 10 which showed that its digital assets custodian will launch support for the Telegram Open Network (TON) and its token Gram (GRM) when it goes live.

What is evident is the fact that the announcement by Coinbase shows that it will support the secure storage of three forthcoming tokens in total – which are the GRM, Sola (SOL) and OXT (OXT) – at each network and its respective launch. The custodial support will provide the GRM token holders with offline storage and insurance coverage, the announcement reads.

While reiterating, the exchange also stated that Coinbase Custody is a limited-purpose trust company which is chartered and regulated by the New York Department of Financial Services (NYDFS) and as such, it has fulfilled the requirements to become a qualified custodian under the US Investment Advisers Act of 1940.

In the announcement shared in the altcoin news, we can also see that “as more networks launch tokens, institutional investors face a critical challenge in finding ways to securely hold each new unique asset,” all of which is underscoring the fact that solutions should be made available at the outset of any given network and its launch.

Coinbase Custody was preceded in this manner by the digital asset custodian subsidiaries of Anchor Labs – Anchorage Trust Company and Anchorage Hold – which yesterday announced that they would provide institutional custody for GRM.

However, neither of these firms is registered with the United States Securities and Exchange Commission (SEC) and the services won’t be initially offered to their New York based clients. The much-anticipated TON network, in the meantime, is slated for launch in late October as officially announced by Telegram on October 2.

As the announcement reads, investors will be required to provide Telegram with a public key generated through a specific software in order to receive their GRM tokens by October 16th.
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