Coinbase To Accept More Cryptocurrencies After Change Of PolicySeptember 27, 2018
Coinbase, one of the most cautious Cryptocurrency exchanges has announced that it will start accepting more altcoins. The California-based exchange that only supports five Cryptocurrencies has said it will admit more digital assets that are compliant with local law. It is still early to give the exact number of virtual currencies that will apply for listing. Nevertheless, many tokens are expected to apply with the exchange in the coming weeks or months.
Coinbase To List More Altcoins
Coinbase, a California-based Cryptocurrency exchange has said it has changed its policy to allow listing of more assets. The company is known for being cautious as it only lists five digital currencies namely ETC, ETH, LTC, BCH, and BTC. The process of adding new coins was always tedious and involved consideration of various regulatory agencies. The exchange has been having a hard time explaining its decisions as some people blame it for limiting the availability of some Cryptocurrencies, especially to American-based Crypto traders.
On Tuesday, the company said that it has changed its listing process to allow the introduction of more virtual currencies on the exchange. Nevertheless, the exchange said only assets that are compliant with the local law will be listed. The company added that the availability of some of the new digital currencies already listed on the platform will be limited to some jurisdictions.
Coinbase Coin Listing Policy
Unlike most exchanges that only require a registration fee and provide a few conditions if any before listing, Coinbase is known for being strict. The American-based exchange has in the past taken controversial decisions. For instance, the exchange does not allow deposits of assets from coin mixers. Recently, it closed Wikileak’s accounts. These actions have not gone down well with most people in the sector.
The decisions made by Coinbase always affect the market in one way or the other. Some Crypto firms tend to replicate the American exchange actions. In some rare cases, the prices of some virtual assets change depending on the actions that the exchange takes. If an action favors a certain coin, their prices appreciate and vice versa.
Coinbase has not yet given more details about the new policy. However, most analysts are of the opinion that the exchange will give priority to more decentralized Cryptocurrencies. Virtual currencies mainly concentrated and owned by project founders will not likely make it to the list. The same will apply to those that are likely to be regarded as security.
More Cryptocurrencies To Become Available
Coinbase started to introduce new changes a few months ago. Last month, the exchange announced it would add more coins in its Custody cold storage services. Some of the Cryptocurrencies that the exchange added include FOAM, XTZ, BAT, and ZRX. Some American states will now be able to trade with some of these coins and others that will be introduced later.
Coinbase does not charge any fee for listing. Nevertheless, the Cryptocurrencies have to overcome various legal and security barriers to be listed. For now, the exchange will only prepare to handle the many applications that are likely to come on the way. Many will be interested to see some of the coins that will make it to the list and those that will not.