Coinbase Considers 30+ Cryptos: Coinbase Pro Lists Civic, distrixt0x, Loom Network, Decentraland
Today, Coinbase announced it is considering 30 plus different cryptocurrencies to list on its platform, following the listing of Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) on Coinbase Pro.
In a recent blog post, Coinbase announced it is exploring whether to add thirty-plus different cryptocurrencies to its offerings. In a statement from the company:
“Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
The company will assess projects based on a ‘Digital Asset Framework,’ assessing factors such as security, compliance, and the project’s alignment with Coinbase’s mission of “creating an open financial system.”
Moreover, the company has listed four new ERC20 tokens on its platform today, including CVC, DNT, LOOM, and MANA. The move follows the decision by Coinbase to include other ERC20 tokens. The platform began supporting Basic Attention Token (BAT), 0x (ZRX), and USDC (USD Coin) earlier this year.
Coins Under Consideration
In the recent announcement, Coinbase stated it is exploring a broad range of assets, including thirty-plus popular cryptocurrencies.
The list, in alphabetical order: 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). More information on these coins are available in the CryptoSlate coins database.
Coinbase mentioned that “adding new assets requires significant exploratory work,” with the process involving substantial “technical and compliance” review. Also, it cannot guarantee that all of the cryptocurrencies above will be listed, nor does it guarantee that these assets will be available in all jurisdictions. Some of these coins may not be usable for sending or receiving with a Coinbase wallet, significantly hampering practical use.
During the process, those watching the listing process may see Coinbase launch new public-facing APIs, or other signs that the company is conducting engineering work geared toward supporting these new assets. The company will continue to update its users via the Coinbase Blog and Twitter.
Motives Behind New Listings
According to Coinbase, tokens are chosen based on the “relative ease of integrating the [token’s] standard” with the company’s existing infrastructure. Coinbase emphasizes “security” concerns. However, the inclusion of ERC20 tokens uses much of the same infrastructure. Why Coinbase has chosen to list the four ERC20s over other potential candidates is subject to speculation.
In the announcement, Coinbase stated that they will accept deposits sometime today, and will enable trading within 48 hours after deposits are enabled.
Only Coinbase Pro users will have access to trading in the following jurisdictions: U.S., U.K., European Union, Canada, Singapore, and Australia. The company mentions that it may add other jurisdictions at a later date.
Prior to full trading, Coinbase will gradually ramp-up trading options in hopes trading will begin smoothly. Each phase will be announced on Coinbase Pro’s Twitter.
- Transfer Only (12 hours): Starting sometime today, customers will have the option to transfer CVC, DNT, LOOM, and Mana into a Coinbase Pro account. Users will not be able to place orders, nor will orders get filled on order books.
- Post Only (1 minute): Customers can post limit orders, but there will be no matches to complete those orders. Order books will remain in post only mode for a maximum of one minute.
- Limit Only (10 minutes): Limit orders will start matching, but customers will not be able to submit market orders.
- Full Trading: Full trading will begin once the limit order phase is complete, including limit, market, and stop orders.
Catching Up With Exchanges
Although Coinbase has recently introduced a new listing process in an “effort to increase the number of tokens” listed on the platform—including its announcement considering its thirty-plus cryptos—the company has still fallen behind on the number of assets available, especially when compared to major exchanges.
Coinbase Pro currently has only 12 different cryptocurrencies available for trading. According to CoinGecko, international exchange Binance offers 163 coins, and U.S. exchange Bittrex offers 253 different cryptos.
Coinbase has gained considerable traction in the U.S. market and is pushing to expand into other jurisdictions. As one of the most valuable companies in the crypto space, it is possible that Coinbase can leverage its access to retail customers and gain a foothold in the U.S. market—allowing it to compete with major exchanges, such as Binance. How the competition will unfold is yet to be seen.
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