Coinbase, the largest Bitcoin exchange in the USA, is planning to increase its supply of cryptocurrencies. The crypto exchange is currently examining over 30 candidates, including the “Top” Coins XRP, ADA, XLM and EOS. The tokens must comply with Coinbase’s Digital Asset Framework. In the long term, over 90 per cent of the (framework-compliant) coins is to be taken up by market capitalization.
The crypto exchange Coinbase wants to expand its comparatively sparse offer of currently nine cryptocurrencies. The US Exchange is currently examining 31 digital assets for this purpose. Coinbase announced this on its medium blog on 7 December. The candidates are, for example, the crypto sizes XRP, ADA, XLM and EOS. But “smaller projects” such as Decentralland (MANA), Civic (CVC) or Po.et (POE) are also among the Coinbase candidates.
What Really Matters
However, in order to be included in the select circle of Coinbase listed tokens, a token must comply with the company’s own rules for listing digital assets. According to the Digital Asset Framework, the following questions, among others, must be answered:
- Is the asset accessible to everyone and not controlled by a single party?
- Can the product be certified to be of high quality and security based on the source code and the running system?
- Does the team’s expertise meet the requirements of the project?
- Is governance and a consensus-building process defined?
- Is the project scalable?
- Is the asset highly liquid?
- Is the asset already being traded on a larger scale?
- Is there a high demand for the asset or are positive network effects achieved?
- Are there mechanisms that create incentives to protect the network?
- If there was a token sale: Has the sale taken place in accordance with best practices (security, fair token distribution, transparency, white paper, etc.)?
Coinbase: Without a guarantee
Coinbase strongly points out that there is no guarantee for a GDAX listing of the coins listed above.
“Adding new assets requires extensive exploratory work from both a technical and compliance perspective, and we cannot guarantee that all the assets we value will ultimately be admitted to trading. In addition, our listing process may result in some of these assets being offered for purchase and sale exclusively to clients without being able to be sent or received through a local wallet”.
In addition, Coinbase will continue to take into account the different jurisdictions:
“Finally, according to our listing process, we will introduce new assets on the basis of the respective jurisdiction. This will allow us to add assets efficiently and responsibly”.
Coinbase had already announced in July that it would examine the inclusion of ADA, BAT, XLM ZEC and ZRX. After all, more than half of them actually made it into the GDAX. Any of 31 new (and old) candidates admitted to the circle of GDAX tokens will announce the Crypto Exchange via blog and Twitter.