Coinbase adds New Cryptos to Its Exchange

Jul 14, 2018 at 06:13 Update Date :Jul 14, 2018 at 06:13 UTC

Coinbase Inc., the US-based cryptocurrency exchange platform that lets its users buy and sell different digital coins may soon expand its portfolio of virtual tokens.

The company, on Friday, announced that it is “exploring” to list Cardano, Basic Attention Token, Stellar Lumens, ZCash and 0x, through a blog post. These “assets”, it said, would need additional exploratory work and it cannot ensure it onboarding for trade. The move could be a turning point for the company, which currently only lets customers buy and sell Bitcoin, Bitcoin cash, Ether, and Litecoin.

“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.” the San Francisco-based company said.

The company held off the listing of more assets, owing to the concern that the regulators may consider more digital tokens as securities while the company remains unregistered with the U.S. Securities and Exchange Commission.

The company also stated that its decision doesn’t confirm that the five coins aren’t securities and some of the assets may only be available for trade in certain countries due to legal reasons. Moreover, its users may not be able to send or receive some of these assets using a local wallet.

Such announcements have had a great impact on markets in the past. In December, Coinbase had stated that it was investigating insider trading when the price of the token Bitcoin Cash soared high just hours before the announcement of its listing as an asset.

Similarly, the price of Ethereum Classic, which shares a technical similarity to Ethereum, surged after Coinbase announced its plan to list the token. Through the post, the company ensured that the listing is under process The company washed off the rumors that it soon plans to list Ripple, the third largest digital coin on their platform.

Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets.” said the company.

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