Crypto exchange Coinbase said Friday that it is reviewing 19 cryptocurrencies for possible listing.
These new assets are: Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, Theta, Uma, and Wrapped Bitcoin (WBTC).
Coinbase said the review process includes “significant technical and compliance review and may be subject to regulatory approval in some jurisdictions.” There’s no guarantee that crypto assets under review will gain automatic listing.
“[Our] goal is to offer support for all assets that meet our technical standards and which comply with applicable laws,” said the U.S. exchange, in a blog post.
“As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing,” it added.
Coinbase, which boasts over 35 million users worldwide, indicated that it would continue to evaluate more digital assets, and with time it expects to support “at least 90% of the aggregate market cap of all digital assets in circulation.”
In June, the exchange revealed that it was exploring the addition of 18 crypto assets, including Comp, Aave, Aragon, and Bancor.
Assets that eventually get listed on Coinbase have tended to see sharp increases in their prices – as happened with Makerdao’s MKR in May or Compound’s Comp in June – but the relationship, known as the “Coinbase Effect”, isn’t always linear. Comp surged by as much as 300% in the run-up to and after the Coinbase listing.
At the time of writing, most of the assets that Coinbase has announced for review are going up. For example, Melon is up more than 26%, Flexacoin 4.5%, and Reserve rights 2.4%, according to data from markets.Bitcoin.com.
What do you think about new assets getting listed on Coinbase? Let us know in the comments section below.
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Published at Sat, 01 Aug 2020 06:00:03 +0000