The latest big news coming from Crypto exchange giants Coinbase is that they plan to extend support to more crypto coins on their platform. Through their official blog, they expressed intention to add several assets to their platform while also mentioning that they were already working with a number of banks and financial regulators to ensure that the coins were made available to investors in a variety of jurisdictions. They also made sure to highlight the fact that they had released this information to the general public and Coinbase insiders at the same time for the sake of transparency.
The new assets that will be supported on the Coinbase platform will be; Cardano (ADA), Stellar Lumens (XLM), Basic Attention Token (BAT), OX (ZRX) and Zcash (ZEC). They further stated that the nature and architecture of these assets was different from that of Ethereum classic which almost has the same architecture as that of Ethereum. The difference in architecture would, therefore, necessitate more exploration before any guarantees are made about them being available for trading on their platform. Customers could also be limited to only buying and selling these assets on Coinbase without the ability to send or receive them using local wallets. Other restrictions will see the depositing and withdrawal of coins on transparent Zcash addresses.
According to the Coinbase statement, some of the assets could be offered in other jurisdictions before being listed in the United States. ZRX and BAT could be the first ERC-20 tokens made available on the Coinbase platform behind Ethereum classic (ETC) whose induction into the Coinbase platform had been announced early last month. As mentioned before, Ethereum classic’s similar architecture to Ethereum gave the asset an advantage over the rest of the new assets, which means it will probably be available for trading before all the other new assets. Despite this though, Coinbase communicated that they couldn’t point to a specific date on when all these assets will be available for trading, customers were thus advised to watch out for news on their blog and also their Twitter.
Coinbase also stated that some assets could only be made available in certain jurisdictions since they plan to only release local law compliant assets to the public. An extensive legal analysis is, therefore, ongoing to ascertain they only make assets available in the right legal jurisdictions. Coinbase had also made available the guidelines for the addition of the new assets early this year. The addition of the new assets will surely pave the way for the addition of more assets, with the additions of ZRX and BAT expected to spur the addition of more ERC tokens.
I am a crypto enthusiast based in Nairobi Kenya, who loves investing, research writing, reading, fitness, African food, and soccer.
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