Cryptocurrency Company Circle Reveals How It Decides To List New Tokens
The blockchain and crypto-related startup Circle has revealed how it decides to list new cryptocurrencies for its trading and investment platforms. The most important companies and exchanges in the market have strict rules to accept new virtual currencies to their trading sites.
Back on Tuesday, Circle published an ‘Asset Framework’ that explains how it evaluates cryptocurrencies to be listed on the Poloniex exchange. Moreover, it also said which aspects it evaluates to add new listings to the Circle Invest and the Circle Trade products.
The criteria used by the company covers five different key categories that include the project’s fundamentals, the technology behind a token, the people behind the project (team members), the business model and the available market.
The main intention is to provide customers with access to the most innovative products that fuel the industry. It is important to mention that each of the criteria used to evaluate the tokens comes with several potential questions that evaluators consider when they need to examine a project.
“This framework is meant to help us prioritize new listings according to the opportunity they present for Poloniex customers,” explains the release.
At the same time, the company published an Asset Listing Form that projects can fill in order to be accepted in the platform. This is the first step if a company wants to send their token for review, and there is no possibility to pay to list any specific coin.
At the moment of writing this article, Poloniex is the 44th most important cryptocurrency exchange by trading volume ($27.32 million dollars in the last 24 hours). The most important trading pairs are ETH/BTC, BTC/USDT, and ETH/USDT. The exchange offers almost 100 different trading pairs.
The move is a very important strategic decision of the company, which is seeking a banking license within the United States.