The US-based leading cryptocurrency exchange Coinbase has come up with a new process that will allow it to rapidly list more cryptocurrencies on the platform.
It currently supports only five cryptocurrencies - Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), and Litecoin (LTC). The exchange said in a statement:
"...we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner.
In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time."
It further added that with the new process, customers can expect the listing of most assets over time that meet its standards.
As the exchange expects the process to make new listings more frequent, those listings will be announced only once they become available on one of Coinbase’s public products.
Issuers who want to list tokens at Coinbase via this new process will have to use a special form, which will subsequently be evaluated by the exchange team against their digital asset framework. The application form and the digital asset framework will also be regularly updated, the exchange said.
Interestingly, Coinbase may charge an application fee.
Initially, there will be no application fee, but depending on the volume of submissions, it could charge an application fee in the future to cover the legal and operational costs associated with evaluating and listing new assets.
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It could also choose to list some assets on the basis of its own evaluation, even in the absence of an application.
Earlier in July of this year, Coinbase announced that it is considering adding the five digital assets on its platform - Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX).
In August, the exchange added Great Britain Pound (GBP) support for its UK-based customers, enabling faster payments with same day deposits and withdrawals from Coinbase to British bank accounts.
They previously had to convert funds from pounds to Euros and vice versa to buy and sell digital currency.
Coinbase is reportedly looking to create a crypto exchange-traded fund (ETF) to allow retail investors to gain access to the volatile cryptocurrency market with the help from the US$6 trillion Wall Street giant and an asset manager BlackRock's blockchain working group for the same.
Coinbase CEO Brian Armstrong is bullish on cryptocurrency markets even as they are going through turbulence in recent times.
Armstrong expects over a billion people to become a part of the crypto ecosystem over the next five years.