Coinbase Welcomes ZCash (ZEC), But Which Coin of Stellar (XLM) or Cardano (ADA) is Next?
In the world of Cryptocurrencies, Coinbase has done rather well to position itself as the go-to exchange for retail investors.
It is known amongst users for its intuitive and simple interface and the industry recognizes its branding. Recently Coinbase announced the addition of Zcash into its large stable of coins offered to the public. The only well known and high circulation coins missing from the listing are Stellar [XLM] and Cardano [ADA].
Many had expected Stellar to be the next offering on Coinbase before Zcash was announced. This has led many to comment on the opaque nature of the worlds largest fiat-crypto exchange and how it functions. Some have complained that its inner workings are hard to predict and routinely catch the market off guard everytime new listings are announced.
In fact, there are scores of articles dedicated to this speculation as to which coin will be next up on offer. While the rumor mills churn out interesting reads, they are hardly pure conjecture. The predictions are based off a subset of coins that were shortlisted by Coinbase a while ago. Of course the spice is in the talk about their ranking of preference.
The Chances Of Cardano To Be Listed Next:
Many will recall the recent excitement surrounding Cardano, which resulted in their CEO stepping down. It has thus clearly demonstrated that it has a strong and vibrant community that is unafraid to have a dialog about the direction of the crypto. This also means it has a strong brand presence which when coupled with liquidity and its foundation pillars ( in the form of 3 entities working in synergy; IOHK, Emurgo and Cardano Foundation) makes a pretty solid case for itself.
And then there is its Co-founder Charles Hoskinson. He is almost universally respected as a leader of the crypto verse. This sort of regard affords him connections and access to many important people across the industry.
However, on the flip side, there are two stumbling blocks for the coin. The Cardano project is still unfinished as they have no live blockchain. To add to this it seems the backers of ADA have not shown an active interest in bringing it to Coinbase. In fact, Mr. Hoskinson has been found to be somewhat reluctant to actively engage in the market and marketing aspects of it.
The Case For Stellar To Be Next :
On the other hand, Stellar has a number of things going in its favor. Coinbase already has a close business association with Circle, a crypto investment app. Stellar is already on offer there, thus the transition to Coinbase will be simpler. And on top of that Samual Altman, a member of the Stellar board also owns a company with a nearly 10 percent stake in Coinbase.
Furthermore, Coinbase has now tried to simplify their processes further. In a statement, the company delineated the requirements to be listed on the platform. For its part, Stellar seems to meet all its criteria and checks the liquidity, legal and economy requirements.
Que Sera Sera
In their recent announcement, Coinbase said,
“Today we’re announcing a new listing process that will allow us to rapidly add most digital assets that meets our standards and are compliant with local law, while providing our customers with the tools to discover, evaluate, trade, and use digital assets.”
This news has clearly excited the markets with discussions veering towards how this could ease the entry of one of the above coins and end the bear market sentiments.
While that might be an optimistic outlook, Stellar does seem to hold a slight edge and certainly a strong community base to be a likely candidate. It also appears that ADA and MR Hoskinson are more interested in a long-term strategy.
While the lack of focus might seem like a bad short-term plan; it is just that, short term. Pursuing these types of deals might work well for speculators, but ADA is more focused on the community and its expansion into East Asia.
Still, pursuing Coinbase base to get themselves listed will be a sure shot way to get a boost in prices, something the whole industry could do well with. Going by historical data, most coins from Bitcoin Cash to BAT gained even when the market is a slump. The last few days have seen a lot of chatter on the internet and it seems almost inevitable that one of these coins will eventually be rolled out by Coinbase.
One can only hope that will be the beginning of a beautiful friendship with a bull run.