According to an update on the crypto platform’s help page, Coinbase wallet will no longer support payment network Ripple’s XRP token. The digital asset is not the only cryptocurrency Coinbase has delisted as Bitcoin Cash, Ethereum Classic, and Stellar will also be unavailable. Coinbase Halts Wallet Support for XRP, BCH, ETC, and XLM The delisting will take effect from January next year and Coinbase’s wallet application will drop support for the aforementioned tokens. Coinbase Wallet like MetaMask and similar providers…
According to their Head of Digital Assets, Mathew Mcdermott, Goldman Sachs would soon be launching trading of futures and options for Ether trading for its clients. Moreover, the bank plans to move away from focusing on Bitcoin alone since it took another step toward more crypto acceptance earlier this year.
The New York-based bank reopened its dormant trading desk to help customers deal in publicly traded futures linked to Bitcoin, offering its derivatives to its client, which is a move to expand this offering. McDermott said the bank also intends to facilitate trades through exchange-traded notes tracking Bitcoin.
Goldman appointed McDermott to head its digital currency efforts last year. As a result, the business has grown to 17 people from four under his management. Goldman continues to see great potential in the growth of the crypto industry, and hence the bank is making efforts to add more cryptos to their basket as this is a boost for the crypto industry.
Investment banks are stepping up to offer crypto services to their big clients despite caution from regulators about the risks posed by crypto’s extreme volatility and role in money laundering. Even after prices plummeted in May, falling from about $60,000 to $33,000 in a matter of days, hedge funds are still enthusiastic about trading Bitcoin.
Although crypto declined in prices over the last month, investors and traders continue to adopt crypto in large numbers. In addition, many traders find this price point favorable because the current price point is more than 30% away from all-time highs.
Thriving Under Pressure
The regulators’ continued focus on the crypto industry as they still can’t come to terms with controlling this domain is a point to note. Various regulators have attempted different methods to ban their trading from managing the trading severely and growth measures. However, none of these seems to have rattled any of the investors so far. Still, the industry continues to thrive and has seen many investments with institutions also beginning to show a lot of interest.
In a phone interview on Thursday, McDermott said they had seen a lot of interest from clients eager to trade as they find these levels a slightly more palatable entry point. He added that they see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.
In March, the bank’s COO and president John Waldron said he had seen increased interest from his clients when investing in bitcoin. He added that there is no doubt that there will be more digital commerce and (use of) digital money in the future.