Coinbase (COIN) Drops 100+ Crypto Assets from Custody Service

An April 14 tweet by Coinbase announced the move, saying they review their supported assets on a regular basis to make sure they still satisfy

Coinbase will no longer provide custody services for 49 digital assets via Coinbase Prime, the institution-oriented unit of the crypto exchange, starting April 30, 2025.

The crypto platform announced the move in a recent tweet, adding that it regularly reviews the assets supported to ensure they continue to meet the company's standards and users' needs.

"Based on recent reviews, Coinbase Prime will be ending custody support for 49 assets, effective the end of April," Coinbase stated.

The change will influence a series of lesser-known coins and tokens. Impacted tokens include BOSAGORA (BOA), 0chain (ZCN), pNetwork (PNT), Telcoin (TEL), and Oraichain Token (ORAI).

The list also included RioDeFi (RFUEL), Ideaology (IDEA), Cellframe (CELL), and Sentinel Protocol (UPP), each with various applications in the blockchain space.

Furthermore, real-world asset tokens associated with property and investments were affected. Some of such tokens were 1717 Bissonnet (1717), Hello Albemarle (HLAB), Draper Garland Apartments (GFDG), The Edison (EDSN), Forest Crossing Apartments (GFFC), etc.

Designed to serve institutional investors, Coinbase Prime provides a set of services, including financing options, trading, and custody. The custody service allows organizations to safely store digital assets, ensuring compliance and protection for large-scale investments.

This shift for institutional customers of Coinbase Prime means they will have to liquidate or move their assets by April 30, 2025.

The decision to stop supporting these assets seems to align with Coinbase's efforts to streamline its institutional services, especially in response to evolving regulatory expectations and the persistent market volatility. The company's website does not yet disclose whether new policies will guide future token listing evaluations.

Coinbase stock fell 30% in Q1 2025, its worst quarter since the FTX collapse, despite growing listings for memecoins including Doginme (DOGINME) and Keyboard Cat (KEYCAT). The delistings might be part of a longer-term strategy to refocus on more widely adopted, higher-liquidity assets that better serve institutional investors and reduce compliance concerns.

Binance just last week started the second phase of its "Vote to Delist" campaign, allowing qualified users to decide whether non-compliant or underperforming projects should be considered for removal from the exchange. In the wake of recent hacking and market crashes, removing or delisting cryptos that do not meet the standards of current market stability is crucial.