Digital currency exchange Coinbase has announced introducing a new procedure for listing cryptocurrencies. The new process will speed up listing digital assets and expand the range of assets traded on its exchange.
Today we’re announcing a new listing process that will allow us to rapidly add most digital assets that meets our standards and are compliant with local law, while providing our customers with the tools to discover, evaluate, trade, and use digital assets: https://t.co/6AteNMOnYr
— Coinbase (@coinbase) September 25, 2018
According to the announcement, the new process is compliant with local law, which means satisfying listing requests in a jurisdiction-by-jurisdiction manner. Certain assets listed on the platform may only be available to customers in particular jurisdictions.
Those who want to submit tokens at Coinbase via the newly adopted process will have to use a special form, which will subsequently be evaluated by the exchange team against their digital asset framework.
Initially, Coinbase promises no application fee. However, the exchange reserves the right to impose an application fee in the future to “defray the legal and operational costs associated with evaluating and listing new assets.”
The company said:
“At our discretion, we may choose to list some assets on the basis of our own evaluation, even in the absence of an application. In other cases, we will attempt to give quick, specific reasons for the approval or rejection of particular assets.”
Dan Romero, vice president and general manager of Coinbase Consumer, commented on the update:
“Ultimately, crypto is a global phenomenon. You have software developers and entrepreneurs around the world building products on top of crypto, and it’s unlocking a lot of use cases, particularly in emerging markets. I think we need to shift as a company to a more global perspective.”
Currently, Coinbase supports Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin, and explores the addition of several new assets. The company pointed out that their customers’ request is to add support for new assets, that’s why the exchange is considering how to do this in a secure and compliant way for assets meeting Coinbase’s standards.
“It’s responding to what customers want. Adding more assets is directly something customers are telling us. So, ultimately, by adding more assets, we are going to increase trust and make the platform easy to user for customers.”
After the announcement about adding new digital assets, some currencies saw a rapid growth in price. Bolstered by the news, the Ripple price (XRP) broke out of its recent bearish trend. The announcement does not guarantee that the firm will list XRP, but XRP investors stay optimistic about Ripple’s future.
The new listing procedure is probably another move targeting institutional investors. Earlier, Coinbase opened a new office in New York which caters primarily to institutional clients. The exchange promised to expand its NY team, which currently involves 20 specialists.
To further move forward the institutional adoption of cryptos, Coinbase partnered with Hong Kong-based Caspian. The deal is expected to bring additional trading and portfolio management functionality to Coinbase’s customers.