U.S.-based cryptocurrency exchange Coinbase says it is “exploring” the addition of a broad range of digital assets to its platform. In a blog post published on Friday, Dec. 7, the exchange listed more than 30 crypto assets including top assets like Ripple’s XRP, Cardano, EOS, and NEO.
The post read:
“Coinbase is exploring a broad range of assets which include, in alphabetical order by symbol: Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL).”
It noted that over time, it intends to offer support for more than 90 percent of all compliant digital assets by market cap.
Finally XRP on Coinbase?
Each time Coinbase announced a listing whether it was Ethereum Classic [ETC] in August or 0x, and Zcash later on, the unasked question is “Why not XRP?”. Despite the downturn in crypto markets in 2018, Ripple’s XRP token have fared relatively better than most top cryptocurrencies backed by strategic partnerships the company was making in the global financial space.
As Smartereum reported, Ripple overtook Ethereum last month to become the second most valuable cryptocurrency by market capitalization. This has seen the token recognized by several trading platforms and payment processors; earlier in the week Corda platform created by blockchain consortium, R3 announced support for XRP.
Despite this, XRP remained notably absent from Coinbase, the platform where a lot of Americans purchase cryptocurrency using the USD. The fact that Coinbase listed Zcash, a controversial coin due to is anonymity features, made XRP’s absence glaring. But this may soon be changing.
Executives at the company had suggested that regulatory uncertainty around XRP was the reason it was not yet listed on the platform as the token, along with many other altcoins was the subject of debate with the Securities and Exchange Commission (SEC). Ripple’s executive has maintained that its XRP token was not an illegally issued security token as it has been accused. Less of that debate is being heard at this time.
Coinbase Listing Drive
XRP may be one of the beneficiaries to Coinbase’s reviewed cryptocurrency listing process. In September, the San Francisco-based based exchange announced changes to speed up its token listing process.
Coinbase wrote at the time:
“Our goal is to rapidly list all assets that meet our standards and are compliant with local law while providing our customers with the tools to discover, evaluate, trade, and use digital assets.”
The company, in a similar blog post, outlined five tokens it was exploring at the time namely Cardano [ADA], Basic Attention Token [BAT], Stellar Lumens [XLM], Zcash [ZEC], and 0x. So far, three of these tokes have now been listed on the platform.
Exploring Does Not Guarantee Listing
While it hopes to list the tokens in the future, Coinbase warned that the notice does not guarantee an automatic listing for the 30 tokens explicitly mentioned. Furthermore, the exchange may decide on full or partial support for the tokens when listed. For, instance, it does not support a full range of Zcash services although it is listed on the platform. Services may also be limited by locations and client cadre depending on regulations and other requirements.
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.”