This could also mean than Coinbase exchange is laying the ground in preparing of the official listing of XRP. In its new service, Coinbase will work as a bank for the above mentioned digital assets. Custodial services mean that the entity in charge has been allowed within the law to hold fund for customers. The launch of the custodial services at Coinbase in July 2018 opened the way for institutional investors to get involved with virtual assets. At the time Coinbase said: "Coinbase Custody is a combination of Coinbase's battle-tested cold storage for crypto assets, an institutional-grade broker-dealer and its reporting services, and a comprehensive client coverage program."  The president and COO of Coinbase, Asiff Hirji was delighted with the news saying: "Since 2014, the New York Department of Financial Services has proven itself to be a strong advocate in its support for the responsible growth of the cryptocurrency industry.