Adding New Cryptocurrencies To The Coinbase-Coinbase is one of the more popular and user-friendly choices for cryptocurrency investors to buy/sell Bitcoin, Ethereum, Litecoin, Ethereum Classic, and Bitcoin Cash. Coinbase is a bitcoin broker that provides a platform for traders to buy and sell bitcoin with fiat money. In addition to its primary operation as a broker, Coinbase is also a bitcoin exchange and wallet provider.
The Coinbase team stated:
“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. some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time.”
The massive decision was taken by Coinbase:
CoinMama, Gdax, Binance, BitStamp, and Bittrex have been more cautious in adding new cryptocurrencies to its platform. The US-based exchanges such as Bittrex and Gemini have been involved in focused working with financial regulators and authorities. This helps them to improve the infrastructure of the cryptocurrency market.
Company’s main focus is on compliance which led coinbase group to create new products. Which can handle demand from institutional investors, as seen in the release of Coinbase Custody in July.
Even though coinbase has well-established custody and strong customer service center the exchange was criticized in the beginning. Hence coinbase company is moving forward to integrate more of digital assets on its platform to provide higher liquidity.
Projects are already permitted to apply with Coinbase utilizing the “Digital Asset Framework,” a set of criteria that the exchange will use to determine whether digital assets meet the demands of US regulators and the exchange.
The team said: “With this shift in process, our customers can expect us to list most assets over time that meet our standards. Because listing announcements will become more frequent, we expect to publicly announce the addition of new assets only at or near the time of public launch across one or more Coinbase products.”
After Coinbase announcement on July 13:
Adding New Cryptocurrencies To The Coinbase-Coinbase announced that it would integrate a lot of cryptocurrencies such as Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x, as the first batch of cryptocurrencies apart from Bitcoin, Ethereum, Litecoin, Ethereum Classic, and Bitcoin Cash.
Initially, after the Coinbase announcement, it led to an increase in price and volume for all the five cryptocurrencies. The short-lived momentum led users to realize that coinbase would take a long time for the integration of new assets.
The Announcement read:
“Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.”
Within the 24 hours after the announcement, the value of 0x (ZRX) has increased from $0.6 to $0.667. Even though 0x and BAT have reconstructed slightly an abrupt 10 percent increase was seen in the price of 0x. Hence it created optimism for the investors towards the integration of five digital assets Coinbase introduced back in July.
BAT, the native cryptocurrency, already has more than 3 million users and 30,000 content creators. Which has also increased by 8% against both the US dollar.
The sudden drop in the price of bitcoin of about 4% demonstrated a large loss of $9 billion in valuation.
The recovery of ZRX, ADA and BAT during a downward market trend had led users to show some interest. The largest cryptocurrency exchange in the global market is able to support more assets for its investors.