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Coinbase ‘Exploring’ Support for XRP and 30 Other Cryptocurrencies

By on December 7th, 2018 at 9:04 pm UTC · 3 min read

Coinbase is exploring a possibility to add support for a list of 31 coins, including XRP that is currently the second-largest cryptocurrency by market cap.

Bitcoin (BTC), Cryptocurrency News, EOS (EOS), Investors, News
Photo: The Coinbase Blog
Photo: The Coinbase Blog
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Today is a big day for all XRP fans. Crypto exchange Coinbase, that recently has been actively listing new assets on its platform, has revealed that now it is working on exploring support for the second-largest cryptocurrency.

New Cryptocurrencies on Coinbase

In its official blog post, the major U.S.-based crypto exchange has confirmed that it is continuing to explore the addition of new assets. This work also includes close cooperation with regulators and banks in order to make these new cryptocurrencies available for Coinbase customers in as many jurisdictions as possible.

The company has also published the list of 31 potential new additions which includes among others the above-mentioned XRP, EOS, Cardano (ADA), NEO and Tezos (XTZ).

Nevertheless, the company warns that there is no any guarantee that all the cryptocurrencies included into this list will be added to the platform. Such a situation is explained by the fact that some restrictions could be imposed on concrete coins or they could be not listed due to the results of their evaluation. Some cryptocurrencies may become available only in particular jurisdictions.

This Coinbase’s position is explained by the company the following way:

“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”

Coinbase’s Vision

Earlier this year, the company has already revealed that its priority at the current stage is to add support for all digital assets that conform to the Coinbase high standards. Nevertheless, it has been highlighted that another very important criterion for a coin to be listed is its full compliance with the requirements of local legal system.

To achieve this goal, Coinbase uses its Digital Asset Framework which presupposes evaluation of such aspects as compliance, security and the project’s alignment with Coinbase’s mission to build a financial system that will be open for the entire world.

Previous Additions

Some months ago, in summer, it became known that with a view to meet the growing demand the company had started to explore five new cryptocurrencies: Cardano, Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

Three of these five coins (BAT, ZEC, ZRX) have been already added to the platform with 0x to be the first ERC-20 token on Coinbase Pro. In October, the company expanded its offerings with the first stablecoin having added Circle’s USD Coin.

Having revealed its plans to explore 31 more coins, Coinbase warned its users that it is possible that some of them may see assets on the platform before their official listing in the frameworks of the platform engineering work. Some similar situations have already happened earlier. For example, when some users saw Zcash on Coinbase Wallet app before it had been officially launched.

Julia Sakovich
Author: Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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