Coinbase Teases Markets With Five Potential New Coins and Tokens
Leading exchange Coinbase announces that it is 'exploring' five new coins/tokens.
Coinbase, currently the most popular U.S. cryptocurrency exchange, has indicated a willingness to add five more coins to its trading platform.
Expectedly, Ripple (XRP), the third largest cryptocurrency by market cap isn’t among them. XRP holders weren’t too pleased. As previously explained, XRP does not meet the listing criteria set by Coinbase’s digital asset selection model.
The firm revealed this last Friday on its blog that it had chosen to make everyone aware of its plans as a way of retaining transparency. The company released this statement on the subject:
“We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.”
The platform stated that it would be “working with local banks and regulators to add [the coins] in as many jurisdictions as possible.”
No guarantee of a listing
Coinbase, however, has stated that adding the five assets demand more exploratory work and that there’s no guaranteeing that all, if any, will get listed.
Part of the reason Coinbase has not added more assets as demanded by its customers due to concerns that the US SEC may deem some of these tokens securities. In addition, the exchange has decided against committing to a definite timeline.
What is clear though is that the platform has informed the public that it may list the assets only for trading purposes; users won’t be able to send or receive the tokens. It also added that some of the assets might be only available in other countries first before coming to the US.
The five digital assets being considered by Coinbase are:
- Cardano (ADA)
- Basic Attention Token (BAT) – Listed November 2018
- Stellar (XLM)
- Zcash (ZEC)
- 0x (ZRX) – Listed October 2018
As expected, these assets experienced an immediate price jumps as the information reached the wide public. Each of the five coins hit the top gainer charts as a result even during a sluggish market.
In general, each coin seems to have kept its gains from the announcement as the global markets recover. Here’s a summary of the coins being considered by Coinbase and how the markets reacted.
The price of Cardano rose by about 16% in the aftermath of the announcement. The price gain saw its value gain by $0.02 from an opening price of $0.12 on July 13, to reach a high of $0.147. The coin declined to $0.13 before rallying again and is currently trading near $0.155.
Cardano’s creator is Charles Hoskinson, a former co-founder of Ethereum. The project was built from the ground up, and its mainnet is live, with a fully functional wallet. It’s one of the fastest growing platforms with a long-term roadmap that promises more.
Basic Attention Token (BAT)
BAT is a unique coin in the crypto industry. It’s designed to offer users ad-free experiences. It can be used to pay for content on the web. BAT saw its price soar by over 22 percent from $0.29 to a high of $0.34. It currently trades just above $0.35.
Stellar Lumens (XLM)
The XLM community has always felt like it should be added to Coinbase and the announcement infused a lot of enthusiasm as evident by the market reaction. The token rose by nearly 13% to hit $0.20. XLM continues to rise higher as the token is currently trading just above $0.24, rising by +4% in the last 24 hours.
Stellar (XLM) is an open-source cryptocurrency that seeks to transform international money transfer. It has some big names on its side, including founder Jed McCaleb, Stanford CS professor David Mazieres, and Graydon Hoare, a Rust language author. It’s a competitor of Ripple (XRP).
ZEC is a privacy-focused coin that is gaining a lot of attention due to its “transparent” and “shielded” transactions. It is also going to be added to Gemini in coming days.
ZEC’s value soared by about 23% to gain $30 after the announcement. Its value rose from $155 to $185 and appears to be sustaining the gain.
0x (ZRX) is a decentralized exchange that allows users to trade all kinds of ERC-20 tokens. It’s an exciting project that has several other projects built on top of its protocol.
The price of ZRX spiked by over 29% as it surged from $1.15 to reach a high of $1.00 on July 13. Its price has continued to see more growth and is currently +10% higher in the last 24 hours.
The announcement by Coinbase has excited many investors within the cryptocurrency industry. All the five coins experienced positive outlooks over the weekend following the statement. We will continue to monitor these coins and bring you the latest developments.