{"id":5674,"date":"2019-01-14T10:05:03","date_gmt":"2019-01-14T03:05:03","guid":{"rendered":"https:\/\/news.adeptasiaconsulting.com\/?p=5674"},"modified":"2019-01-14T14:55:03","modified_gmt":"2019-01-14T07:55:03","slug":"coinbase-abandons-its-cautious-approach-with-plan-to-list-up-to-30-new-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/news.adeptasiaconsulting.com\/coinbase-abandons-its-cautious-approach-with-plan-to-list-up-to-30-new-cryptocurrencies\/","title":{"rendered":"Coinbase abandons its cautious approach with plan to list up to 30 new cryptocurrencies"},"content":{"rendered":"
\n

Coinbase <\/a> is the most conservative exchange in cryptoland, largely because it operates in the U.S. under the watchful eye of the SEC. The $8 billion-valued company trades fewer than ten cryptocurrencies to consumers but on Friday announced<\/a> it announced a major expansion that could see it list up to 30 new tokens.<\/p>\n

The company said it is considering support Ripple\u2019s XRP, EOS \u2014 the Ethereum challenger that held a year-long ICO that raised $4 billion \u2014 Stellar, a creation from a Ripple co-founder, chat app Kik\u2019s Kin token and more.<\/p>\n

The full list is below:<\/p>\n

Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL)<\/p><\/blockquote>\n

The company last announced new asset explorations in July<\/a>, although today it did add four new ERC tokens to its pro service<\/a>.<\/p>\n

Coinbase recently revamped its policy on new token listings<\/a>. Instead of abruptly adding new assets, a process that sent their valuations spiking along with rumors of inside trading, it now goes public with its intention to \u201cexplore\u201d the potential to list new assets in order to lower the impact of a listing. It also doesn\u2019t guarantee which, if any, will make it through and be listed.<\/p>\n

\u201cAdding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading,\u201d the company said.<\/p>\n

Support for tokens is pretty nuanced. Coinbase lists some assets on its professional service only, with just nine supported on its regular consumer-facing exchange \u2014 those are Bitcoin, <\/a> Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Zcash, USD Coin, 0x and Basic Attention Token.<\/p>\n

The company may also introduce some tokens on a state by state basis in the U.S. in order to comply with laws.<\/p>\n

\"\"<\/p>\n

Brian Armstrong told the audience at Disrupt San Francisco that Coinbase could list \u201cmillions\u201d of cryptocurrencies in the future<\/p>\n<\/div>\n

Coinbase is looking into this glut of new tokens \u2014 some of which, it must be said, are fairly questionable as projects let alone operating with uncertain legal status \u2014 at a time when the market is down significantly from its peak in January, both in terms of trading volume and market valuations.<\/p>\n

In recent weeks, sources at a number of top exchanges have told TechCrunch that trading-related revenues are down as much as 50 percent over recent months and, while the numbers for Coinbase aren\u2019t clear, there\u2019s no doubt that its revenue is taking a big hit during this \u2018crypto winter.\u2019 That makes it easy to argue that Coinbase is widening its selection to increase potential volumes and, in turn, its revenue \u2014 particularly since it just raised $300 million from investors at a massive $8 billion valuation<\/a>.<\/p>\n

Coinbase defenders, however, will argue that a greater selection has long been the plan.<\/p>\n

Ignoring the reasons, that\u2019s certainly true. It is well known that the company wants to massively increase the number of cryptocurrencies that it supports.<\/p>\n

CEO Brian Armstrong <\/a> said as much as our TechCrunch Disrupt event in San Francisco in October, where he sketched out the company\u2019s plan to be the New York Stock Exchange of crypto<\/a>.<\/p>\n

\u201cIt makes sense that any company out there who has a cap table\u2026 should have their own token. Every open source project, every charity, potentially every fund or these new types of decentralized organizations [and] apps, they\u2019re all going to have their own tokens. We want to be the bridge all over the world where people come and they take fiat currency and they can get it into these different cryptocurrencies,\u201d he said during an on-stage interview at the event.<\/p>\n

That tokenized future could see Coinbase host hundreds of tokens within \u201cyears\u201d and even potentially \u201cmillions\u201d in the future, according to Armstrong.<\/p>\n

The company has done a lot of the groundwork to make that happen.<\/p>\n

Coinbase bought a securities dealer earlier this year<\/a> and it has taken regulatory strides<\/a> to list tokenized securities in the U.S, albeit with some confusion<\/a>. In addition, its VC arm has backed a startup that helps create \u2018digital security tokens\u2019<\/a> and the exchange introduced a new listing process<\/a> which could potentially include a listing fee in exchange for necessary legal work.<\/p>\n

These 30 new (potential) assets might not be the digital security tokens that Coinbase is moving to add, but the fact that the exchange is exploring so many new assets in one go shows how much wider the company\u2019s vision is now.<\/p>\n

The crypto community has already reacted strongly to this deluge of new assets. As you might expect, it is a mix of naive optimism from those invested in \u2018under-performing\u2019 projects (shitcoins) who think a Coinbase listing could turn everything around, and criticism from crypto watchers who voiced concern that Coinbase is throwing its prestige and support behind less-than-deserving cryptocurrencies.<\/p>\n

\n
\n

I already helped with the rebranding strategy.
\nThe logo is for free, feel free to use it.
\nPlease also delist Bitcoin, thanks.
pic.twitter.com\/GubHTYIU8F<\/a><\/p>\n

\u2014 WhalePanda (@WhalePanda) December 7, 2018<\/a><\/p><\/blockquote>\n

\n
\n

Coinbase went from the most conservative company in crypto to YOLO in like 6 months https:\/\/t.co\/ndwF5wtb4t<\/a><\/p>\n

\u2014 Crypto Bobby (@crypto_bobby) December 7, 2018<\/a><\/p><\/blockquote>\n

\n
\n

Coinbase adding XRP or any other DA isn\u2019t big news anymore. Every major financial institutions is tripping over themselves to get involved with an exchange.<\/p>\n

Coinbase is welcome to add anything they want but they are now simply playing catch up.<\/p>\n

Not a 🔥 take. Just fact.<\/p>\n

\u2014 ecent (@EDadoun) December 7, 2018<\/a><\/p><\/blockquote>\n

\n
\n

I hope Coinbase realizes that several months after raising a $100M ICO, the Kik founder called blockchain \u201dunconvincing\u201d. Yet their coin is still on the shortlist\u2026<\/p>\n

Bonus points for anyone who can count how many of these have active class action lawsuits against them?<\/p>\n

\u2014 Larry Cermak (@lawmaster) December 7, 2018<\/a><\/p><\/blockquote>\n

\n
\n

Coinbase shitcoins OK for millions of retail investors. Bitcoin ETF for institutional investors too crazy. What f*ing parallel universe is this? 🤦‍♂️🤯<\/p>\n

\u2014 Gabor Gurbacs (@gaborgurbacs) December 7, 2018<\/a><\/p><\/blockquote>\n

Note: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Coinbase is the most conservative exchange in cryptoland, largely because it operates in the U.S. under the watchful eye of the SEC. The $8 billion-valued company trades fewer than ten cryptocurrencies to consumers but on Friday announced it announced a major expansion that could see it list up to 30 new tokens. The company said it is […]<\/p>\n","protected":false},"author":4,"featured_media":5673,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[6],"tags":[3937,3622,675,1821,972,677,678,228,3312,679,3938,685,3939,233,3940,1981,692,426],"acf":[],"yoast_head":"\nCoinbase abandons its cautious approach with plan to list up to 30 new cryptocurrencies - Adept Asia Consulting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.adeptasiaconsulting.com\/coinbase-abandons-its-cautious-approach-with-plan-to-list-up-to-30-new-cryptocurrencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase abandons its cautious approach with plan to list up to 30 new cryptocurrencies - Adept Asia Consulting\" \/>\n<meta property=\"og:description\" content=\"Coinbase is the most conservative exchange in cryptoland, largely because it operates in the U.S. under the watchful eye of the SEC. 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