Coinbase Lists New Tokens, Says Worth of Assets on Its Platform Is Over $200 Billion

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by Oluwapelumi Adejumo · 3 min read
Coinbase Lists New Tokens, Says Worth of Assets on Its Platform Is Over $200 Billion
Photo: Depositphotos

The CFO of Coinbase Alesia Haas while speaking before the US House Committee on Financial Services made a bold claim that the exchange is home to around 12% of the entire crypto in the world.

Per a blog post announcement by Coinbase, the leading crypto exchange in the United States will now support a number of new tokens on its Coinbase Pro app. The new supported assets include API3 (API3), Bluezelle (BLZ), Gods Unchained (GODS), Immutable X (IMX), Measurable Data Token (MDT), and Ribbon Finance (RBN) are launching on Coinbase Pro.

In the blog post announcement, the exchange explained that its users could begin making an inbound transfer of the new tokens into their Coinbase Pro as of yesterday. It also added that trading would start today, provided the tokens meet liquidity conditions.

Coinbase indicated conditions that would make the new tokens trade on its platform. Among them is the supply of tokens. This means it is only when the tokens meet sufficient supply that it would be allowed to trade on the platform with their order book launched in three phases.

“Once sufficient supply of API3, BLZ, GODS, IMX, MDT and RBN is established on the platform, trading on our API3-USD, API3-USDT, BLZ-USD, BLZ-USDT, GODS-USD, GODS-USDT, IMX-USD, IMX-USDT, MDT-USD, MDT-USDT, RBN-USD and RBN-USDT order books will launch in phases, post-only or auction mode then limit-only or full trading mode,” the blog post reads.

Unwrapping the Coinbase Newly Listed Assets

The first among the tokens is API3. It is an Ethereum-based token. API3 serves as the governance token of API3, a project that aims to connect APIs with the blockchain ecosystem. The Bluzelle (BLZ) token powers the Bluzelle platform and decentralizes its storage network. The tokens can be used to make payments and pay for storage; holders can also use them to vote on the network.

Gods Unchained (GODS) is an Ethereum-based token for the trading card gaming platform Unchained. The token would help in crafting NFTs and valuable digital collectibles. It will give its holders some voting rights. Another of the tokens is Immutable X (IMX). It is also an Ethereum-based token. It offers a near-zero gas fee on transactions and can as well be used for voting.

Measurable Data Token (MDT) and Ribbon (RBN) completed the list of the Ethereum-based tokens and they both power different projects.

Coinbase Stores 12% of the World’s Crypto

The CFO of Coinbase Alesia Haas while speaking before the US House Committee on Financial Services made a bold claim that the exchange is home to around 12% of the entire crypto in the world.

To put this in context, it means around $250 billion worth of digital assets are being stored on the Brian Armstrong-led crypto exchange.

Haas, during the hearing, revealed that the exchange goal was to increase economic freedom while also explaining how the exchange went about its business of attracting new investors whilst also supporting the old ones.

Coinbase is one of the largest crypto exchanges in the world. The crypto firm holds the distinction of being the only publicly listed crypto exchange in the United States.

Altcoin News, Cryptocurrency news, News
Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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