The world’s largest exchange by trading volume is changing its stance. Coinbase will begin to list more altcoins as it adopts a more ‘open-door’ process to coin applications. In a matter of weeks, we should see more Coinbase altcoins trading on the exchange.
To date, Coinbase lists just five cryptocurrencies: Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ethereum Classic (ETC). The exchange has been notoriously strict about supporting any other coins. For coins to make the cut, the exchange runs the decision by a bevy of lawyers and regulatory bodies first, and in its history, these five have been the only coins to make the grade.
A Change of Stance
Coinbase made the announcement yesterday that it is giving customers what they want by preparing to support a lot more coins. The cautious Californian firm has switched up its policy and will consider applications from new coins looking to be listed as new Coinbase altcoins. This new open-door policy means we are likely to see a horde of new altcoins feature on the exchange soon.
Once they are eligible for Coinbase’s listing criteria, of course.
In a blog post released yesterday, the Coinbase team stated the following:
“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.”
Listing Criteria for Coinbase Altcoins
Coinbase has yet to detail the new listing criteria. Sources familiar with the exchange suggest it will mainly accept decentralized coins and coins not classed as a security.
Recently, the exchange revealed a list of altcoins it was considering adding to its Custody cold storage service—coins ZRX, BAT, XTZ, and FOAM. Now, after yesterday’s revelation, can we expect these coins to feature on the exchange next?
We will know soon enough of the new featured Coinbase altcoins, so check back in with us!
Featured Image: Depositphotos/© Primakov