Coinbase, cryptocurrency exchange published a Medium blog that announced it is bringing in a new process which will reduce the time required in listing new digital assets that are compliant with local law.
The blog post also said that Coinbase has plans of listing new assets like coins, tokens, forks, stablecoin, and collectibles. The new process is being introduced to bring the listing of the new assets easier.
“One of our top customer requests is to add support for these new assets, and we have been determining how to do this in a secure and compliant way for those assets meeting our standards,” the blog post said.
Currently, Coinbase currently supports Bitcoin, Bitcoin cash, Ethereum, Ethereum classic, and Litecoin. The Medium Blog post read:
“Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with the 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.”
The new policy had a form that the issuers will have to submit for listing new assets. The form is at par and updated regularly with Coinbase’s digital asset framework.
The blog post also said that the exchange may introduce a listing fee in the future in order to cover legal and operational costs related to evaluating and listing new assets.
The post also said that the new policy would allow Coinbase to “list most assets over time that meet our standards.”
Since the exchange expects the policy to make new token listings more regular, the new listings will be formally announced after they become available on one of Coinbase’s public products. Earlier, the exchange had a policy of pre-announcing the listing.
Coinbase had recently said it would in the near future list a number of cryptocurrencies like Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x.
Coinbase’s CEO Brian Amstrong, who was interviewed at TechCrunch in San Francisco earlier this month, mentioned that the tokenized future could see Coinbase list hundreds of tokens within “years” and even potentially “millions” in the future.
With the current listing of only five cryptocurrencies to listing millions of tokens is a big jump, and it would make the exchange much larger than traditional financial institutions like the New York Stock Exchange (NYSE), which is one of the visions laid out by the CEO, to become the NYSE of crypto securities. NYSE is one of the Coinbase investors. https://www.crunchbase.com/organization/coinbase/investors/investors_list#section-investors
Meanwhile, bitcoin prices don’t seem to be much stirred with Coinbase statement, considering Coinbase has a history of influencing prices with its coin support announcements. At press time, Bitcoin’s market cap is more than $112 billion with the price at $6,490 and has seen a 0.98% rise in the past 24 hours. (check the prices before publishing)