Got your own cryptocurrency in the making and ready to be listed? You’ll be happy to know that the popular cryptocurrency exchange, Coinbase, has opened the doors for you! As per the latest announcement on Tuesday, September 25th, the crypto-trading platform is exploring the addition of several asset classes.
Coinbase Shifts Its Listing Procedures
Currently, Coinbase supports five digital currencies – Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum Classic (ETC). However, for these coins, the listing took place through a gradual process after proper assessment.
Earlier, the exchange announced its plans for token listing. This could lead to a sudden euphoria and surge in the price of the specific coins and tokens. This is because a Coinbase listing would provide huge trading volume for the digital currency.
However, this process is not entirely sustainable if the exchange plans to list several cryptocurrencies in the future. As a result, Coinbase is now seemingly changing its traditional method of listing, in entirety.
In the latest announcement, Coinbase says that it is shifting towards adopting a new method to “rapidly list” several digital assets. It further noted that the digital assets need to be “compliant with local laws.” More importantly, they should satisfy “listing requests in a jurisdiction-by-jurisdiction manner.”
Coinbase Open To List Different Types of Digital Assets
In the blog post, the exchange said that it is open to list all kinds of digital assets. This includes altcoins, tokens, and even digital collectibles like CryptoKitties.
“[There] are now thousands of digital assets of all types, including coins, tokens, forks, stablecoins, and collectibles. One of our top customer requests is to add support for these new assets, and we have been determining how to do this in a secure and compliant way for those assets meeting our standards,” the blog post noted.
However, Coinbase needs to be careful in accepting and reviewing new applications. This is because any digital asset in a desperate need to get popularity could take advantage of the listing process.
In addition to Founders and Lead Developers, Coinbase also allows “Major Investor (>$1M invested)” and “Executive or Employee” to file applications.
Coinbase Likely To Introduce Listing Fees In the Future
Currently, the exchange allows anyone to file their listing application at no cost. However, this could change in the future.
“Initially, there will be no application fee. Depending on the volume of submissions, we reserve the right to impose an application fee in the future to defray the legal and operational costs associated with evaluating and listing new assets,” Coinbase explained.
Earlier this month at the Techcrunch Disrupt Conference in San Francisco, Coinbase CEO, Brian Armstrong, expressed his company’s plans to list several cryptocurrencies on its trading platform. He elaborated on his position,
“We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies.”
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