Coinbase Weighs Option to Provide Support for More Digital Assets

UTC by Chuks Chukwuka · 3 min read
Coinbase Weighs Option to Provide Support for More Digital Assets
Photo: The Coinbase Blog

Coinbase may soon add support for a number of digital assets, including Aave, Synthetix, VeChain, SKALE Network, KEEP Network, NuCypher, DigiByte, Aragon, Bancor.

The U.S.-based cryptocurrency exchange Coinbase has announced that it is considering the support of more digital assets on its platform. According to a release seen on June 10, the company stated that it plans to add to its collection of coins such tokens that meet its technical standards while complying with applicable laws.

The exchange spokesperson said that the vision of the company is to enable its customers around the world to have easy access to 90% of the total market cap of assets in circulation. The company said that it will continue to assess prospective assets using its Digital Assets Framework as a standard.

The release stated that factors such as compliance with relevant regulations, the security of the network, and the tokens alignment with the principles of decentralization and openness of its financial system qualifies an asset for listing on the exchange.

Prospective Digital Assets to Be Supported by Coinbase

The company stated that it is exploring the option of adding a new range of assets to its collections. It said that customers using its website may see some public-facing APIs as part of its assets exploration. This is mainly due to engineering probes in the quest to support prospective assets.

Some of the assets expected to be listed soon according to the report are Aave, Synthetix, VeChain, SKALE Network, KEEP Network, NuCypher, DigiByte, Aragon, Bancor, Arweave, Horizen, Origin Protocol, Ren, Numeraire, Render Network and Siacoin. The company also said that is exploring the option of support for Siafunds.

Users of the platform would be surprised at the fact that a project such as Bancor which is among the successful ICOs has not yet been listed by Coinbase. The release stated that listing and supports of any assets demands significant technical agreement and supports review after such assets has passed through regulatory and jurisdictional assessments.

Jurisdictional Consideration in Listing

The company maintained that is listing process entails is based on jurisdiction and therefore subject to applicable laws. It stated that assets not listed do not imply disqualification from a potential listing. According to a blog post seen on the company website on June 10, 18 new assets would be listed soon. In a tweet from the company’s official handle, it seems to have mistakenly announced that the Stablecoin Tether (USDT) would be part of the listing. The tweet has since been deleted.

An announcement such as Coinbase listing of new assets is usually accompanied by bullish market behavior. For example in March 2019 when the company announced that it would list Stellar (XLM) the price of the token appreciated by 5.66% in 24 hours. Also, MakerDAO had its market price nearly doubled when Coinbase announced that it will be listed on the exchange. VET made a gain of 12.34% rising to $0.0091 from $0.0081.

Altcoin News, Cryptocurrency news, News
Chuks Chukwuka

Chuks is a blockchain enthusiast and finance researcher that has covered the crypto sphere for several years. He believes that the evolving technology would change how we do business.

Related Articles