Coinbase Prime Delists 49 Altcoins by April End

Coinbase Prime, the institutional arm of the popular cryptocurrency exchange, has announced that it will end custody support for 49 altcoins by the end of April. This decision, made public in an April 14 post, affects a range of lesser-known tokens, including those associated with niche blockchain projects and real estate-related tokens. The impacted tokens include BOSAGORA (BOA), 0chain (ZCN), pNetwork (PNT), Telcoin (TEL), and Oraichain Token (ORAI), among others. The list also includes Sentinel Protocol (UPP), Cellframe (CELL), Ideaology (IDEA), and RioDeFi (RFUEL), which cater to different use cases within the blockchain ecosystem. Additionally, real estate and investment-related assets such as 1717 Bissonnet (1717), The Edison (EDSN), Draper Garland Apartments (GFDG), Forest Crossing Apartments (GFFC), and Hello Albemarle (HLAB) are also affected.

Coinbase Prime offers a suite of services designed to meet the needs of institutional investors, including custody, trading, and financing solutions. The platform allows institutions to securely store digital assets, ensuring compliance and protection for large-scale investments. However, the latest decision to remove these assets suggests that the platform is reassessing its offerings. Coinbase has not disclosed specific reasons for removing these particular assets, but the move could be linked to factors such as low liquidity, market activity, or failure to meet institutional-grade compliance standards. For institutional clients using Coinbase Prime, this change means they will need to transfer or liquidate their holdings before the end of April.

According to its website, Coinbase Prime currently supports over 430 assets. Thus, the shift represents a relatively small adjustment in the broader offering. The announcement comes as the exchange continues to expand its portfolio. A few weeks ago, the exchange listed several new tokens, leading to notable price upticks for those tokens. However, broader market conditions have negatively impacted the exchange. The period marked the company’s worst quarter since the defunct cryptocurrency exchange FTX collapsed. As Coinbase moves forward in a volatile cryptocurrency market, this decision to delist certain assets seems to be part of a larger strategy to concentrate on more liquid tokens and better serve the needs of institutional clients.