Coinbase, the world’s largest crypto exchange by volume and user base, has integrated a new process of listing new cryptocurrencies on its platform.
The brokerage will not accept any listing fees for reviewing cryptocurrencies that apply to be listed on the platform. Coinbase also intends to accept minimal fees, if needed in the future, to cover legal and operational costs in integrating new cryptocurrencies.
The Coinbase team stated:
“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.”
Compared to other exchanges such as Binance and Bittrex, Coinbase has been more cautious in adding new cryptocurrencies onto its platform. As one of the most regulated exchanges in the global market alongside US-based Gemini and Bittrex, the exchange has focused on working with financial regulators and authorities to improve the infrastructure of the cryptocurrency market.
The company’s focus on compliance naturally led the Coinbase team to create products that can handle the demand from institutional investors, as seen in the release of Coinbase Custody in July.
With Coinbase Custody established and a strong customer service department in place, which the exchange was criticized for in its early days, the company is moving forward with its plans to integrate more digital assets on its platform to provide liquidity to the global market and more investment opportunities to its investors.
Already projects are permitted to apply with Coinbase utilizing the “Digital Asset Framework,” a set of criteria that the exchange will use to determine whether digital assets meet the demands of US regulators and the exchange.
The team said:
“With this shift in process, our customers can expect us to list most assets over time that meet our standards. Because listing announcements will become more frequent, we expect to publicly announce the addition of new assets only at or near the time of public launch across one or more Coinbase products.”
0x and BAT Surged After Coinbase Announcement
On July 13, Coinbase announced that it is exploring the integration of Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x, as the first batch of cryptocurrencies apart from Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.
Initially, the announcement of Coinbase led all five cryptocurrencies to massively surge in price and volume, but their strong momentum was short lived as the community realized that the integration of new assets on Coinbase is expected to be a long process.
The announcement read:
“Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.”
Within the past 24 hours, 0x (ZRX) has increased from $0.6 to $0.667. Although 0x and BAT have since retraced slightly since then, an abrupt 10 percent increase in the price of 0x has demonstrated the optimism of investors towards the integration of five digital assets Coinbase introduced back in July.
BAT, the native cryptocurrency of the Brave Browser, which already has more than 3 million users and 30,000 content creators, has also increased by around 8 percent against both the US dollar and Bitcoin following the release of the statement of Coinbase.
On Sept. 25, the crypto market demonstrated a large loss in valuation as the price of Bitcoin dropped by around 4 percent and XRP saw a wipeout of $9 billion from its valuation.
The recovery of ZRX, ADA, and BAT during a downward market trend has shown the community’s interest towards the largest cryptocurrency exchange in the global market pursuing its plans to support more assets for its investors.
Cover Photo by Amogh Manjunath on Unsplash
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