The United States-based cryptourrency exchange and wallet provider, Coinbase has just announced that it’s looking into listing more options for its platform and 17 digital assets are on the table and once listed, price is expected to those digital assets.
Headquartered in San Francisco, Coinbase trades in a variety of cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classi (ETC), and Litecoin (LTC) with fiat currencies. With operations spread out in approximately 32 countries, it is considered to be one of the leading platforms in the crypto ecosystem.
On September 19, Coinbase revealed that it is exploring the addition of a new range of assets on the platform. According to the post, the digital assets under consideration are Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, and lastly Telegram.
Only earlier this month. Telegram released its Telegram Open Network (TON) testnet explorer and node software on its website, months ahead of when it planned to launch its native digital token, dubbed ‘GRAM’, which the investors are hoping will attract roughly 300 million users in the long term. Like Telegram’s token, some of the tokens under consideration are not yet live.
Despite having quite the lineup for its new listing, Coinbase did clarify in the official post that the aforementioned assets have not yet been launched and it is possible that not all of them make the ultimate cut. The post read:
Today, we are announcing our intention to explore assets that have not launched and which Coinbase may choose to support in the future.
Furthermore the post also emphasized on the fact that new tokens may not be available or come online everywhere at the same time. Because the legal requirements tend to differ from place to place, the platform cannot provide any guarantee to its users regarding when the said digital assets will be listed on a Coinbase product in any jurisdiction, if at all they are listed that is.
Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions.
They further added that new assets would be added as per Coinbase’s listing process, on a jurisdiction-by-jurisdiction basis, subjected to applicable review and authorizations.
Coinbase revised its listing criteria only last year, because listing announcements has become more frequent as the platform keeps on endeavoring to add more digital assets to their platform. According to the blog post:
The new process 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.
This new process begins with a form for issuers to submit assets for listing at Coinbase, which the team will evaluate against their digital asset framework. It will be designed to assess factors like security, compliance, and the project’s alignment with platform’s mission of creating an open financial system for the world.
With the newly introduced listing process, Coinbase explained that the customers will experience a shift in process, meaning while the customers can expect the listing of more digital assets on the platform meeting the platform’s standards, Coinbase will not be pre-announcing the addition of any new digital assets far in advance. The post further added:
While this is a change from our earlier process of pre-announcing far in advance, we will still announce early enough to allow for sufficient liquidity on our exchange and an orderly market bootup process.
Moreover, Coinbase’s blog post also explained that there can be exceptions to their rule, as they hold the right to discreetly choose and list some assets on the basis of their own evaluation, even in the absence of a listing application.
Meanwhile, under normal circumstances the platform will attempt to thoroughly review the applications, while remaining quick and specific when it comes to providing reasons in cases of approval or rejection of particular assets.
According to reports, Coinbase, only last month announced the possible addition of 8 new digital assets to its current collection namely, Algorand, Cosmos, Dash, Decred, Matic, Harmony, Ontology, and Waves. These assets too will be added on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations.
Coinbase concluded the post by revealing that the customers can expect similar announcements in the future as the platform continues to explore the addition of numerous crypto assets across the platform.