Coinbase Takes a Small Step in Becoming the Leading Crypto Exchange in New YorkSeptember 27, 2018
Reports say that Coinbase is planning to offer more cryptocurrencies. Recently, the exchange renewed and improved the process of how it lists new digital assets. After the revamping, the news of Coinbase’s plans of adding more cryptocurrencies appears to be the company on taking a step into becoming the leading crypto exchange in New York. Coinbase released further details of their plans in a blog post.
In the post, the company shares that it will be using a new process. With this new process, the cryptocurrencies found to be more accommodating with the local law will be listed quickly. This way, Coinbase can fulfill listing requests from one place of authority to another. This method of listing will mean a different thing to different users.
When this listing is finally in practice, some of Coinbase’s new assets registered on the company will not be available to some customers. The availability of the assets, according to the company, depends on select jurisdictions and only for a time. Coinbase said that it’s currently going over many cryptos that might be added to its listing. If the plans of the company are finally launched, it means many changes.
As everyone in the industry knows, Coinbase only supports five digital currencies. The company only trades Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. In the past, adding each of the cryptocurrencies took a lot of time and took twice the announcement. When Coinbase adds new crypto, it would first announce its plans before announcing the asset’s listing at a later date.
According to Coinbase, this was done to prevent the tokens’ value from going through the ceiling and result in a great deal of trading volume. With Coinbase’s plans of adding more cryptocurrencies, which is said to be hundreds, the current process of the company is impossible to sustain. With this, Coinbase opted to use a new process for the company’s plans.
Through the new process, there will no longer be the repeated announcement where first, the company announces a token will be soon released then announces again when the token is finally approved in their platform. The new process would mean a one-time reveal whenever there is a new digital asset listed. Another possible change that the new process will bring is the addition of a listing fee.
While an application fee is common with other exchanges, Coinbase does not use it. Nevertheless, the company may finally use a listing free to cover the costs for the new projects Coinbase is planning, albeit not initially. According to the company, they will not issue an application fee at first but may have to in the future depending on the coming submissions.