Coinbase reveals it’s looking at adding 19 new cryptocurrencies
Leading US crypto exchange Coinbase has disclosed today a list of 19 cryptocurrencies that it’s currently reviewing as potential candidates for the listing, including Ampleforth, Flexacoin, Hedera Hashgraph, Wrapped Bitcoin and others.
Coinbase is exploring the addition of 19 new digital assets, some are live, some are not. We will evaluate each against our Digital Asset Framework. It’s our goal to offer support for all assets that meet our standards and are compliant with local law. https://t.co/YY9pbMci66
— Coinbase (@coinbase) July 31, 2020
“These new assets include, in alphabetical order: Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC,” said Coinbase’s announcement.
The company noted that its review process includes significant technical and compliance analysis of the cryptos in question, some of which may even require regulatory approval in different jurisdictions. Coinbase also stressed that a position on the review list doesn’t automatically guarantee that an asset will be listed.
“As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing,” the exchange added.
MakerDAO’s MKR token surges in price following Coinbase listing
At the time of writing, most of the cryptocurrencies mentioned by Coinbase are trading in the green zone, being up between 2–8%. Some are even outperforming the rest, such as Melon (+17.23%), Ocean Protocol (+12.93%) and UMA (+10.05%), according to CoinMarketCap.
As Decrypt reported, previous listings on Coinbase have, on several occasions, pushed up the prices of the tokens. In June, the exchange announced the listing of Compound’s COMP, further solidifying its position as the top DeFi token. In a similar fashion, MakerDAO’s MKR token surged in price following its Coinbase listing in May. But the “Coinbase Effect,” as it’s known, is fickle, and sometimes does nothing at all.