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Coinbase Exploring Support for More than 30 Cryptocurrencies

ยท 08 Dec 2018 in Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Coinbase announced in a recent blog post that is exploring the additions of new assets. The company wants to include new virtual currencies to its trading platform. Coinbase is one of the largest crypto platforms in the market and one of the favorites for newcomers.

Coinbase Explores the Addition of New Assets

Coinbase is working in order to list new virtual currencies on its platform. Coinbase usually had a more conservative stance towards which assets to list or not. However, this changed this year after it substantially increased the number of assets available for trading.

Some of the virtual currencies that might be added to the platform are Cardano (ADA), Decentraland (MANA), Request Network (REQ), Stellar Lumens (XLM) or XRP. However, the number of digital assets that Coinbase mentioned is 31.

The company wrote that the intention is to offer support for all assets that meet the standards and are fully compliant with the local law. Coinbase mentioned that they intend to offer customers access to greater than 90% of all the compliant assets by market cap. In order to do so, they analyze each cryptocurrency with their Digital Asset Framework. This allows them to understand how each virtual currency behaves in terms of security, compliance and more.

The company wrote:

“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.”

In order to add these assets responsibly and efficiently, Coinbase said that it will be adding them on a jurisdiction-by-jurisdiction basis. During the last months, Coinbase added support to Basic Attention Token (BAT), ZCash (ZEC), 0x (ZRX) and USD Coin (USDC). Earlier this year, the company added Ethereum Classic (ETC) to its platform.

There is no information about when these assets will be available. Furthermore, Coinbase says that they might not add them all in the short term. They will be providing information about the new assets and possible listings through the Coinbase Blog and Twitter.

Coinbase also mentioned that in order to add these new assets they will be working with local banks and regulators.

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