Coinbase recently published a new blog post stating the possible addition of several new cryptocurrencies to their platform.
The assets in consideration are Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX). The announcement was made at the same time within Coinbase and publicly to remain transparent, and perhaps to avoid a similar situation when Bitcoin Cash was added.
These assets were considered based on the criteria Coinbase has laid out in their Digital Asset Framework. The blog post goes into further details, discussing specific reasons why each asset stood out to the Coinbase team.
The platform says adding any or all of the above tokens will require “additional exploratory work” and places no promises on listing any of them for trading. This is unlike the Ethereum Classic support that is currently being worked on, due to its technical similarity to Ethereum.
Other caveats are discussed in the blog post as well, such as the possibility of some of the new assets only being available for purchase and sell, with no send/receive functionality enabled. This would give some coins purely investing characteristics, like what Circle is doing with their Circle Invest app.
The last two restrictions the post discusses is the way users maybe able to interact with certain assets: for example, Coinbase may only support deposits and withdrawals from transparent Zcash addresses. This is a likely scenario, in order to be in compliance with any financial regulations that may apply.
Coinbase may also stagnate the launch of these assets in certain regions, most likely testing them in other markets before they are available to the US customers.
No promises have been made on timeline for adding support to these tokens, as they have only discussed the possibility of them being on the platform. But if selected, Coinbase will be making their first expansion into smaller capitalization cryptocurrencies.
With many of Coinbase users being intuitional traders as well, this offers them an exposure to the segment of the crypto-market that was previously untapped.
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