Coinbase Opens Public Listing Application, Promises Rapid Addition of New Crypto

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Coinbase Opens Public Listing Application, Promises Rapid Addition of New Crypto

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Coinbase has announced on 25 September 2018 that it will be rapidly listing all possible cryptocurrencies via an application form that is open to the public. Currently, Coinbase only offers Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ethereum Classic, which is a limited selection for a global-class crypto exchange.

In the past, new cryptocurrency additions to Coinbase, such as in the case of Bitcoin Cash and Ethereum Classic, had caused massive rallies for the listed coins. This is likely because it is probably the most mainstream crypto exchange in the United States and easy to use, so when a token is listed on Coinbase, it becomes widely available in the United States. This is well-known among traders, and just the fact that Coinbase will add any particular crypto is expected to cause a speculative rally for that crypto, especially since the exchange announces listings ahead of time.

Coinbase says that each cryptocurrency added via this public application process will have its own listing announcement, which would probably be the moment a rally starts for that crypto. As the exchange adds currencies, it could cause a widespread rally across the crypto space. There are nearly 2,000 cryptocurrencies on CoinMarketCap, and based on Coinbase’s announcement, it plans on listing every single one that is legal.

This will allow it to better compete with exchanges like Huobi, OKEx, Binance, and Bittrex which already have dozens to hundreds of cryptos. It can be expected that its trading volume will drastically rise since it will be much more versatile, giving customers the trading diversity they need, versus now where customers often take their Bitcoin off Coinbase to trade on exchanges like Binance where there are far more currencies listed.

At first, it will be free to fill out the application to add a listing, and perhaps this will continue during the time that all well-known cryptos are added to Coinbase. After that, the exchange intends on turning this into a business, with an application fee and an additional fee to get a crypto listed. Exchanges like Binance and Huobi make tremendous profits from adding new currencies via listing fees.

Another important aspect of Coinbase’s listing process is that it will list as many cryptos as possible according to local government regulations. This means in the United States new initial coin offering (ICO) crypto won’t be tradeable, but in other countries with no ICO laws, those cryptos will be tradeable. This allows Coinbase to achieve optimal crypto listings worldwide while respecting government regulations in particular countries, instead of deciding not to list a crypto in the rest of the world due to the laws of a single country.

Coinbase is the largest crypto exchange headquartered in the United States, with daily crypto trading volume in excess of USD 100 million per day.


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