One of the biggest names in the crypto ecosystem, Coinbase offers custody for cryptocurrency assets for institutions in the form of their custody program, which charges a setup fee of $100,000 and a minimum holding of $10million so you can see it is aimed at banks, hedge funds and other financial institutions who would require such a service.
Recently, they announced that they are announcing support for deposits and withdrawals for Zilliqa.
Coinbase Custody continues to add new assets as well, fairly quick turn around based on client interest. Let us know what you'd like to see next. https://t.co/DBf3ujl6HY
— Brian Armstrong (@brian_armstrong) March 21, 2019
While the program is still in its early phase, they already have their first client and have accepted their first deposit. Custody services are a way for large financial organizations to securely deposit their assets in a way that is insured. This service, the first of its kind, could lead to larger institutional adoption of cryptocurrencies at large.
Zilliqa competes with current smart contract processing platforms, such as Ethereum, NEO, and Stellar. The project takes a blend of approaches when targeting this niche, with some borrowed and some new concepts.
The team’s primary motivation in building this product was to create a platform that could process smart contracts at scale without sacrificing core blockchain principles. Unlike many highly scalable smart contract processing platforms, like NEO or EOS, Zilliqa does not rely on delegated proof-of-stake (DPoS) for its transaction throughput.
While DPoS potentially allows for massive scaling it also centralizes the network in a way that many deem to be unsafe.
The key value proposition of Zilliqa is to create a network that is scalable and functional, while true to blockchain security principles. In order to achieve this, the platform relies on sharding technology.
It is the 36th largest crypto according to market size with a market cap of over $165 million. It’s current value, at the time of publication is $0.019167 and is up almost 2% in the past 24-hours.