Coinbase It is the most conservative exchange on Cryptoland, largely because it operates in the US under the watchful eye of the SEC. The $ 8 billion company trades fewer than ten cryptocurrencies to consumers, but announced on Friday that it announced a major expansion that could see up to 30 new tokens listed.
The company said it is considering supporting XRP, Ripple’s EOS, the challenger Ethereum that had a year-long ICO that raised $ 4 billion, Stellar, a brainchild of a Ripple co-founder, the chat app Kik’s Kin token. and more.
The full list is below:
Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT ), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP ( XRP)), Tezos (XTZ) and Zilliqa (ZIL)
The company last announced new asset explorations in July, although today it did add four new ERC tokens to its pro service.
Coinbase recently renewed its policy on new token listings. Rather than abruptly adding new assets, a process that caused its valuations to rise along with rumors of internal operations, it is now going public with its intention to “explore” the potential of listing new assets to reduce the impact of a listing. It also does not guarantee that, in your case, it will succeed and be included in the list.
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all of the assets we are ultimately evaluating will be included in the negotiation,” the company said.
The support for tokens is quite nuanced. Coinbase lists a few assets only on its professional service, with only nine on its regular consumer-oriented exchange – they are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash, USD Coin, 0x, and Basic Attention Token.
The company can also introduce some tokens in each state in the US to comply with the laws.
Coinbase is looking into this glut of new tokens, some of which, it must be said, are quite questionable as projects, let alone operating with uncertain legal status, at a time when the market has dropped significantly from its peak in January, both in terms of trading volume and market valuations.
In recent weeks, sources on a number of major exchanges have told TechCrunch that trade-related revenue has dropped by as much as 50 percent in recent months, and while Coinbase’s figures are unclear, there is no you doubt that your income is increasing. a huge hit during this ‘crypto winter’. That makes it easy to argue that Coinbase is expanding its selection to increase potential volumes and, in turn, its revenue, especially since it only raised $ 300 million from investors with a valuation of $ 8 billion.
Proponents of Coinbase, however, will argue that greater selection has long been the plan.
Ignoring the reasons, that is certainly true. It is well known that the company wants to massively increase the amount of cryptocurrencies it supports.
CEO Brian Armstrong he said the same thing as our TechCrunch Disrupt event in San Francisco in October, where he outlined the company’s plan to become the crypto New York Stock Exchange.
“It makes sense that any company that has a boundary table … should have its own tab. Every open source project, every charity, potentially every fund, or these new kinds of decentralized organizations. [and] applications, everyone will have their own tokens. “We want to be the bridge around the world where people come and take fiat currency so that they can access these different cryptocurrencies,” he said during an on-stage interview during the event.
According to Armstrong, that token future could see Coinbase host hundreds of tokens in “years” and even potentially “millions” in the future.
The company has done a lot of work to make that happen.
Coinbase purchased a securities trader earlier this year and has taken regulatory action to list tokenized securities in the US, albeit with some confusion. Additionally, its VC arm has endorsed a startup that helps create “digital security tokens” and the exchange introduced a new listing process that could include a listing fee in exchange for necessary legal work.
These 30 (potential) new assets may not be the digital security tokens Coinbase is adding, but the fact that the exchange is exploring so many new assets in one go shows just how broader the company’s vision is now.
The crypto community has already reacted strongly to this deluge of new assets. Unsurprisingly, it is a mixture of naive optimism from those who invested in “underperforming” projects (shitcoins) who think a Coinbase listing could change everything, and criticism from crypto watchers who expressed concern that Coinbase is throwing its prestige and Support behind cryptocurrencies that do not deserve.
Coinbase adding XRP or any other DA is no longer great news. All the major financial institutions are tripping over themselves to get involved in an exchange.
Coinbase is welcome to add whatever you want, but now they are just catching up.
It is not a shot. Just a fact.
– ecent (@EDadoun) December 7, 2018
I hope Coinbase realizes that several months after raising a $ 100 million ICO, the Kik founder called blockchain “unconvincing.” However, their currency is still on the short list …
Bonus points for anyone who can count how many of these have active class action lawsuits against them?
– Larry Cermak (@lawmaster) December 7, 2018
Coinbase shitcoins OK for millions of retail investors. Bitcoin ETF for institutional investors too crazy. What is this parallel universe? 🤦♂️🤯
– Gabor Gurbacs (@gaborgurbacs) December 7, 2018
Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.