INSUBCONTINENT EXCLUSIVE:
Coinbase aspires to be the New York Stock Exchange of crypto, and it is taking a small — but not insignificant & step to offering a lot
more cryptocurrencies after it revamped the process of listing new digital assets.
The exchange currently only supports just five
cryptocurrencies — Ethereum, Bitcoin, Bitcoin Cash, Ethereum Classic and Litecoin — and the process of adding each one has been gradual
The company would announce plans, and then later announce when listing the asset
The idea being to reduce the potential to send the value of a token skyrocketing
(Since support from Coinbase potentially adds a lot more trading volume.)
That clearly isn''t a sustainable process if Coinbase is to add
&hundreds& of tokens, as CEO Brian Amstrong told an audience at TechCrunch Disrupt it eventually plans to.
Regulatory concern is high on the
scale when evaluating support for new cryptocurrencies, so now Coinbase is speeding up the process by limiting trading of some tokens to
specific locations where necessary.
Today we&re 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,& the company said in a blog post.
That&ll mean an end to the double announcement — ‘token X is coming soon& and ‘token X is now
supported& — and instead asingle reveal
That indicates that a large number of new assets may be incoming — for an idea of which ones, Coinbase recently said it is looking over a
number ofcryptocurrencies.
Coinbase Brian Armstrong: ‘I&d love to run a public company
Interestingly, the company also noted that it may
introduce a listing fee — this is common with many other exchanges — in the future in order to cover costs around adding some
projects.
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,& it explained.
The company has opened a listing proposal link, here
If similar features from other exchanges are anything to go by, Coinbase will be flooded by naive tokenholders who think they have a shot at
getting listed on Coinbase, which will take them to the moon
Good luck maintaining that list, guys.
Note: The author owns a small amount of cryptocurrency
Enough to gain an understanding, not enough to change a life.
