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Coinbase has been intentional with its efforts to be transparent, and this is clear to crypto networks.
Crypto exchange company Coinbase (NASDAQ: COIN) has declared the tokens it will consider for listing on its platform in Q2 2022. The American company stated the possibility of releasing 50 new tokens between the 1st of April and the 30th of June. Coinbase described the listing “as part of an effort to increase transparency by providing as much information symmetry as possible.”
Tokens to List on Coinbase in Q2 2022
The tokens to be released on the Ethereum network are 45 ERC-20 in total, with the inclusion of Aleph.im (ALEPH), BiFi (BIFU), and Binance USD (BUSD), amongst others. Coinbase also hopes to include five SPL tokens issued on the Solana (SOL) network. These tokens include Apricot Finance (APT), Bitspawn (SPWN), Green Satoshi Token (GST), Media Network (MEDIA), and Realy (REAL). Recall that the exchange added support for the Solana blockchain to its wallet browser extension in March. Coinbase stated that it will list some of the tokens with the recently introduced Experimental label. The product applies to fewer tokens that are not very popular and with low trading volume.
Further explaining the 2022 tokens listing, Coinbase said that it “is not an exhaustive list of all assets under consideration.” This means that the exchange could add to its list at any time. Despite the publication, Coinbase disclaims the trading and transferring of these assets until they are officially listed. Coinbase warned that depositing these assets before the official listing could lead to an irreversible loss of funds.
The Coinbase Impact on Listings
The Coinbase impact is not far-fetched. It offers new cryptocurrencies the exposure needed to gain market popularity. The Coinbase 2022 token listing ahead of the official release could mean that the exchange is seeking to curb the chances of a pump and dump scheme. Coinbase’s token listings mostly result in spiked prices. Over time, this has become an attribute widely likened to the crypto exchange. While some investors lose, the concept has often led to price gains for some tokens.
For instance, in September, Shiba Inu (SHIB) was listed on Coinbase. The coin soared 11% in one hour, and another 38% the day after. SHIB reduced to nearly its pre-listing prices in a few weeks after the buzz. A similar scenario happened back in 2020. The OMG network spiked 200% in 15 minutes of its official listing on Coinbase.
Coinbase’s Focus on Transparency
Coinbase has been intentional with its efforts to be transparent, and this is clear to crypto networks. Big Data Protocol tweeted, claiming that it is on Coinbase’s radar, an indication that the exchange’s terms are clear and understood.
Coinbase aims at listing tokens that meet its legal, technical, security, and compliance standards. This may explain the decision to list the 50 tokens put together so far. This does not inundate other tokens that did not make the list or amount to an increased market capitalization for those on the list.
For transparency of listing terms, Coinbase explains the kinds of tokens allowed to trade on its platform. These criteria include tokens with a principal network like MINA and STX, ERC-20 tokens, and SPL tokens. These networks proffer a broad catalog of assets to Coinbase users.