Why Coinbase Will Be Listing New Tokens Sooner Than We Think
Renowned cryptocurrency exchange Coinbase have announced a new set of procedures that will be followed when listing new tokens and assets going forward. Whilst this might not sound like a huge deal from their initial announcement, breaking the news down reveals that this will make it easier for Coinbase to start to list less orthodox altcoins. In essence, this could spur on the adoption of a number of popular tokens within the Coinbase exchange.
Coinbase recognise that their current offering is very limited. As it stands, they only offer Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin. With thousands of other cryptocurrencies available, Coinbase know that in order to grow and expand, they need to start offering other tokens, in order to compete with competitors such as Binance. Recently Coinbase have confirmed the exploration of tokens such as XLM, ADA and BAT, however this new announcement suggests that Coinbase are going to be multiplying their current offering by an awful lot. They want to list almost every digital asset, and have found a way to do it in keeping with the law.
According to the official announcement:
âToday weâre 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. In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time.â
How will the process work?
âThe new process begins with a form for issuers to submit assets for listing at Coinbase, which we will evaluate against our digital asset framework. At our discretion, we may choose to list some assets on the basis of our own evaluation, even in the absence of an application. In other cases, we will attempt to give quick, specific reasons for the approval or rejection of particular assets.â
âBecause 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. Finally, in addition to adding more assets to the platform, we will augment our tools and educational materials to help customers learn about assets in order to make their own decisions. We think of Coinbase as the global bridge from fiat to crypto, from the fragmented financial system of today to the open financial system of the future.â
Which tokens will Coinbase list next?
There is no indication as to which tokens or assets Coinbase will be listing next. From what we can see, we know that Coinbase will look to start adding tokens in bulk, so there will be no more long term announcements. Traditionally, Coinbase announce the exploration of a token then list it many months later. Now, Coinbase will be following the path of other exchanges like Binance, who simply just announce a week or so in advance a number of their new listings.
Since BAT, ADA and XLM have been spoken about before, we assume these will be a part of the first new batch listing for Coinbase. Furthermore, we expect the likes of XRP and the rest of the top twenty cryptocurrencies to follow.
Otherwise, in order to determine which tokens will be listed next, weâll just have to exercise a little patience.