Coinbase ‘Exploring’ Adding Five (5) New Cryptocurrencies
Coinbase, the largest US-based digital currency exchange, has officially announced that it is “exploring the addition” of five new cryptocurrencies to its platform. The five cryptocurrencies being considered are Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).
Coinbase’s announcement claims to arrive for both employees and the public at the same time. Notes Coinbase:
We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.
Coinbase has come under fire in the past — particularly regarding its listing of Bitcoin Cash (BCH), which preceded allegations of insider trading.
Despite the apparent attempt at remaining transparent, the statement of intent has led many to question why the exchange giant is even making an announcement of its “exploration” at all — especially following a cut-and-dry announcement of future support for Ethereum Classic. The company pre-emptively responded to such questions by explaining:
Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will 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. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.
Coinbase also noted that this is something users should get used to seeing, as future announcements of “exploration” will likely happen in the future. “Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets,” the exchange explains. “Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”