For issuers wishing to submit their tokens will have to fill out an online form available on the website. This will be available at Coinbase’s digital asset framework. Although there won’t be any fees initially, Coinbase has plans to include fees for listing to cover the legal and operational cost of new assets. This change to the famous exchange will allow crypto development teams to gain mainstream popularity through a listing.
“Satoshi and Vitalik [Buterin] were not Coinbase customers. But all future and current asset creators and developers are. So it’s like we’re becoming a two-sided marketplace.” says Coinbase CTO Balaji Srinivasan.
He continues explaining about plans to “list most assets over time that meet our standards.” As of now, Coinbase has 5 cryptocurrencies listing on their exchange. They are Bitcoin, Ethereum, Ethereum Classic, Litecoin and Bitcoin Cash.
In July, Coinbase claims to have been assessing adding new coins including Stellar Lumens (XLM), Cardano (ADA), Basic Attention Token (BAT), ZCash (ZEC) and Ox (ZRX). In the meantime, these coins might roll out globally, Srinivasan confirms.
Coinbase Exchange Compliance
The new listing on the Coinbase might not be available to everyone, but to regions where the assets are legally compliant. And that the company wants to make sure to not get in conflict with the legal system.
Stephen Palley, a partner at the Washington, D.C. law firm, Anderson Kill comments at the decision by Coinbase saying,
“It’s actually an approach I’ve been advocating for a long time. If you’re Ford or you’re Apple or you’re Google and you want to sell your stuff worldwide, you actually do worldwide compliance.” Although it’s “a smart play it’s a pain in the ass and it’s expensive,” he adds.
Zeeshan Feroz, UK chief executive at Coinbase says, “Coinbase supports about five assets and clearly the market is much bigger than the five we support”. He adds, “We’ve been trying to figure out for a while what the best way is to support more assets in the currency market. We’ve taken a thoughtful and deliberate approach in terms of how we’ve done that in the past. However, what we’re trying to do is upscale that.”
This decision comes when regulators throughout the world are still trying to decide an extent of regulation and how to monitor these digital assets. Which might benefit Coinbase for its smart decision.
The new decision from Coinbase will most definitely cause some highs and lows in altcoins leading to increased trading activities. Ripple (XRP) for example soared up by 9 percent due to the news by Coinbase.
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