The crypto exchange is developing its policy for listing new cryptocurrencies which could open the door for hundreds of crypto-assets.
Coinbase currently supports only five assets: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin. But the market is now being flooded with requests to support various asset types in the form of coins, tokens, forks and stablecoins which Coinbase’s customers are requesting access to. In response, the exchange is now accepting requests to list various digital assets, it announced on Tuesday.
After deliberating over the most secure method to screen the crypto-assets, Coinbase will introduce a new process which allows issuers to submit a form, to request a specific asset to be listed on the exchange. The application will be approved if it complies with both local laws and Coinbase’s digital asset framework. The exchange is accessible around the globe, however, some assets may be listed in some jurisdictions but not others, depending on local laws and restrictions.
An announcement will be made for each new listing. However, due to the potential volume that the exchange is expected to receive, these announcements will be made near to or on the day of the public launch. Coinbase has clarified that the announcements will be far enough in advance to allow sufficient liquidity on its exchange as well as an orderly market bootup process.
Now that there is set to be an influx of new assets that investors have little to no knowledge about, Coinbase is introducing educational material that will provide details for the top 50 cryptocurrencies. Details including description, market cap and further links regarding the asset.
From the start there is no application fee but there is the possibility that a fee might be introduced in the future due to legal and operational costs.