Coinbase Opens up the Doors to List More Crypto Assets with a new Listing Process
Coinbase, the largest Crypto exchange in the US announced that they will be revamping their process of listing new Crypto assets on to their platform. With the new process, projects can submit their request using a form for evaluation under the company’s digital asset framework.
Coinbase currently lists only five Cryptocurrencies – Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ethereum Classic. The company has deliberately taken this approach to avoid any kind of regulatory compliance issues.
But now the Coinbase has opened the doors to list more Crypto assets rapidly on its platform, but the listing of new tokens will depend on the jurisdiction of the customers. The customers can trade the assets only if their local regulatory framework allows them to do so.
The company mentioned in their Blog:
Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner.
Coinbase was founded to give people around the world access to a more open financial system. Towards this end, we’ve always taken a deliberate approach to adding support for new assets to the platform.
— Coinbase (@coinbase) September 25, 2018
Initially, there won’t be any application fees; however, Coinbase plans to add a listing fee to add the approved assets. The blog also mentions that they will be quick to give specific reasons for the approval or rejection of particular assets.
It is known that a listing on Coinbase could shoot up the price of a Crypto asset, which is why Coinbase has decided to announce the listing of any particular coin at the time of listing or just before. The employees of Coinbase will be subject to trading restrictions and confidentiality obligations.
The company had previously announced that they are exploring five new tokens to be added onto their platform including Zcash, 0x, BAT, ADA, and Stellar. Given that the company aspires to be the NYSE of Crypto they will have to list more Crypto assets onto their platform.
It will be interesting to see how this plays out especially to tokens like XRP given that Ripple the company had previously tried to get it listed onto by offering to pay a Million Dollars.
There is also a lot of user interest for XRP to be added to their platform. XRP increased by over 15% since yesterday, although it cannot be said that the Coinbase news alone was a factor for the pump, it surely was one of the factors.
Image Source: Coinbase
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