Coinbase Prime’s Shocking Altcoin Exodus: 49 Tokens Say Goodbye! 😱

by

In a move that has left crypto enthusiasts scratching their heads and perhaps reaching for a stiff drink, Coinbase Prime, the institutional side of the cryptocurrency exchange that everyone seems to love (or love to hate), has decided to cut custody support for a staggering 49 altcoins by the end of this month. Yes, you heard that right—49! That’s almost half a hundred! 🥴

These aren’t just any old tokens, mind you. We’re talking about a delightful assortment of lesser-known gems, including those associated with niche blockchain projects and even some that are, believe it or not, tied to real estate. Because who doesn’t want to invest in a digital plot of land that may or may not exist? 🏡

49 Altcoins Lose Custody Support on Coinbase Prime

The announcement, which was as subtle as a sledgehammer, was made public in an April 14 post on X (formerly known as Twitter, because apparently, rebranding is all the rage these days).

“We regularly evaluate the assets we support to ensure they continue to meet our standards. Based on recent reviews, Coinbase Prime will end custody support for 49 assets, effective the end of the month,” the post read, as if they were announcing a new flavor of ice cream.

The unfortunate tokens on the chopping block include the likes of BOSAGORA (BOA), 0chain (ZCN), pNetwork (PNT), Telcoin (TEL), and Oraichain Token (ORAI). And let’s not forget the others like Sentinel Protocol (UPP), Cellframe (CELL), Ideaology (IDEA), and RioDeFi (RFUEL)—all of which cater to various use cases within the blockchain ecosystem. Whatever that means! 🤷‍♂️

Even the real estate and investment-related assets weren’t spared. Tokens like 1717 Bissonnet (1717), The Edison (EDSN), and Draper Garland Apartments (GFDG) are now left to fend for themselves in the wild world of crypto.

While some of these tokens saw modest declines (because who doesn’t love a good decline?), others remained blissfully unaffected. In fact, PNT, ORAI, IDEA, and TEL have even appreciated in price over the past day. Go figure! 📈

For those not in the know, Coinbase Prime offers a suite of services designed to meet the needs of institutional investors. Think of it as a fancy vault for digital assets, ensuring compliance and protection for those big bucks. 💰

However, this latest decision to remove these assets suggests that Coinbase is having a bit of a midlife crisis and reassessing its offerings. They haven’t exactly spilled the beans on why these particular assets are being shown the door.

Speculation abounds, of course. Perhaps it’s due to low liquidity, lackluster market activity, or simply a failure to meet the high standards of institutional-grade compliance. For those institutional clients using Coinbase Prime, this means they’ll need to scramble to transfer or liquidate their holdings before the end of April 2025. Good luck with that! ⏳

According to their website, Coinbase Prime currently supports over 430 assets. So, this shift is really just a tiny blip on the radar of their broader offering. But hey, every little bit counts, right?

The announcement comes as Coinbase continues to expand its portfolio. Just a few weeks ago, they listed Doginme (DOGINME), Keyboard Cat (KEYCAT), and then Definitive (EDGE). Because why not throw in some whimsical names while they’re at it? 🐶

However, the broader market conditions have not been kind to the exchange. Reports indicate that Coinbase’s stock took a nosedive of 30% in Q1 2025, marking their worst quarter since the infamous collapse of the FTX exchange. Ouch! 😬

As Coinbase navigates the choppy waters of the cryptocurrency market, this decision to delist certain assets appears to be part of a grander strategy to focus on more liquid tokens and better serve the needs of their institutional clients. Because at the end of the day, it’s all about keeping the big fish happy!

Read More

2025-04-15 10:56