Coinbase Makes Major Moves in Coin Offerings
Coinbase has been at the forefront of the mainstream crypto asset training industry since its conception. The organization boasts an incredibly simple user interface and a minimal selection of coins which consumers can trade. This interface makes the exchange the best option of many who may not have the proper experience to trade on platforms with confusing interfaces and hundreds of potential coins to trade with one another.
However, the company’s deliberation to add new coins to its slowly-growing market has significant ramifications for the coins which they consider. For an example, one only need recall the story of XRP, or Ripple. When rumors circulated that Coinbase might be adding the Ripple currency to their ranks resulted in a massive spike in the price of XRP. The currency shot up from around 26 cents to over three dollars in worth. Though the price eventually fell back down, evening out at around $.069 per coin, the remarkable price rise illustrates the massive influence exerted by the world’s biggest cryptocurrency exchange.
The Coinbase Blog recently announced that the company was considering adding five new tokens to their exchange, though a true decision has yet to be made. This announcement could impact several areas of the crypto market. In addition to being likely to temporarily drive up the price of the concerned coins, the inclusion of key new currencies could further open up and expand the trading market, especially when it comes to the more volatile coins that aren’t quite as tied to the price of Bitcoin, Ethereum, and Litecoin.
Coinbase is considering Adding:
The first coin that Coinbase is considering listing on their esteemed exchange is called Cardano. This decentralized blockchain is an open source smart contract platform. The project has several components, including its own application-running decentralized wallet and its own proof of stake algorithm, which academic professionals have verified to be truly provably secure—a major score within the FinTech community.
Basic Attention Coin
Unlike some other blockchain companies, BAT attempts to contain itself into a specific niche community. In particular, this coin attempts to improve upon the efficiency of the advertising business by awarding effective advertisers based on the mental engagement, or focused attention, of consumers who view their advertisements.
Stellar is an open sourced transaction platform. With a similar business model and futuristic backing goals to Ripple (XRP), many speculated that XRP would be the next currency to gain a coveted listing on the Coinbase exchange. However, most professionals understand that the competition between the two businesses does not mean that Ripple will cease to be successful—just that XLM will gain a momentary boost to their own operations.
Zcash is one of the many privacy-oriented crypto-alternatives which have cropped up in the past year. Created in response to growing concerns regarding the anonymity issues facing popular currencies such as Bitcoin, Ethereum, and Litecoin, the currency boosts zero-knowledge protocols, along with a host of security-boosting features.
0x is yet another protocol which works to facilitate the trade of crypto assets. Built on the growing Ethereum blockchain, the company has gained significant exposure for its desire to allow people to create their own fully decentralized exchanges for cryptocurrencies.
Coinbase has also come forward with a statement regarding their intention to begin legally selling tokens that could be considered securities according to the Securities and Exchange Commission, the agency tasked with regulating securities and the trade of stocks within the United States. The spokesperson for the platform outlined that the company might not need to seek approval from the SEC in order to acquire several companies which they might use to offer new securities on their platform.
The SEC was not involved in the acquisition approval process for Keystone. Keystone’s acquisition was key because it means that Coinbase will be able to use the data products and over-the-counter crypto-trading technologies.
When paired with the announcement regarding the four new crypto assets being added by the company, this trend of expansion is especially important to understanding an important transition for Coinbase into what appears to be a security-based market. While for many this means an unfortunate decentralization, others take this recent set of announcements as a cause for optimism; perhaps Coinbase will work hand-in-hand with the SEC to normalize the trade of digital assets which might be securities.