Bitcoin : Coinbase exchange plans to add 19 new cryptocurrencies


Coinbase takes an interest in decentralized finance

Coinbase announced on July 31 on its blog exploring the listing of 19 new cryptocurrencies on its platform. Some of the crypto-assets under study are notably linked to decentralized finance, which is particularly popular at the moment. The list includes:

Ampleforth (AMPL): a cryptocurrency with dynamic provisioning
Band Protocol (BAND): a network of decentralized oracles
Swing (BAL): a protocol automating the swap of ERC-20 tokens
Curve Finance (CRV): a decentralized exchange
Kava (KAVA): a platform providing stablecoin loans
tBTC : a token to build a bridge between Bitcoin and Ethereum
Wrapped BTC (WBTC): the most used token to link Bitcoin and Ethereum

This Coinbase initiative on DeFi highlights how important this ecosystem gaining importance in the crypto-sphere. The enthusiasm for this market has been on the rise in recent months. The listing of a token used at the heart of a DeFi protocol will provide the latter with significant visibility.

Coinbase is also considering adding 12 more tokens: Blockstack (STX), Fetch.ai (FET), Flexacoin (FXC), Helium (HNT), Hedera Hashgraph (HBAR), Melon (MLN), Ocean Protocol (OCEAN), Paxos Gold (PAXG), Reserve Rights (RSR), The Graph, THETA (THETA), and UMA (UMA).

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A guaranteed listing?

As Coinbase points out, its goal is to offer support for all crypto-assets that meet its technical standards and are ccomply with applicable laws :

“Over time, we hope that our customers around the world will have access, through Coinbase platforms, to at least 90% of the market share of all digital assets in circulation,” the statement said.

Nuance however, Coinbase makes no guarantees on if and when any of the listed assets will actually be added to the platform. While the exchange is considering a lot of additions, it really does emphasize that point.

To have the chance to be added to the platform, tokens and their respective projects will be put to the test, especially in terms of security and compliance. The underlying project of a token will also have to align with the vision of promote a financial system open to the world.

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Despite the many current controversies over Coinbase, especially due to its collaboration with several market surveillance authorities, the platform remains one of the most widely used in the world.

Last week, the platform also revealed that it now has more than 35 million users in around 100 countries. The listing of a cryptocurrency will therefore offer its underlying project a significant opportunity to be highlighted.

👉 To find out more: What is the real influence of Coinbase on the price of a crypto?

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About the Author : Clement Wardzala

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Since 2017, I have been interested in Bitcoin, cryptocurrencies and associated blockchain technology. I firmly believe in these technological innovations and that they are already revolutionizing many sectors.
All articles by Clément Wardzala.