Coinbase is currently studying the addition of five new tokens to be put on the exchange: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). The company has simultaneously announced interest in the tokens internally and for the outside public as a way to be transparent with its customer base.
No Crypto Token Asset Is Guaranteed
It is important to perceive that the company is interested in these assets does not mean that they will actually be implemented in Coinbase for a series of reasons. First, the case for this five tokens is not like it was in the recent Ethereum Classic.
By being very similar to the main Ethereum, Ethereum Classic was very easy to implement in the exchange. However, new assets will need more exploratory work than ETC, so the company offers no formal guarantees that they will be listed. Also, the company has stated some assets may be “buy and sell only”, and not sendable via the official wallet.
Also, the company makes clear that some of the assets may be offered in foreign jurisdictions before going to the United States because of reasons that are linked to the way that SEC and other regulatory organizations see the tokens.
Coinbase has stated that it will make updates regularly about the tokens but it cannot precise a date for start selling them. All further announcements will be made public, so the people inside the exchange will not have privileged information about them.
About The Upcoming Tokens
Cardano (ADA) was created by one of the co-founder of Ethereum, Charles Hoskinson. Its MainNet is already live and it has a functional wallet. It uses a proof of stake algorithm and Haskell, a formal verification method.
Basic Attention Token (BAT) is the internal token of the Brave browser. It was initially used to allow advertisers to pay for user attention via Brave but can also be used as a real currency. The new browser already has more than 3 million users.
Stellar Lumens (XLM) is an open-source protocol for value exchange. It was developed by Jed McCaleb, David Mazieres and Graydon Hoare. It does not use proof of work protocol and it requires individual nodes to choose another group of nodes they trust to use.
Zcash is a popular cryptocurrency for anonymous payments. It uses cryptography to allow the users to protect their privacy and make transactions as they want to. You can use it both for transparent transactions and “shielded” ones.
Finally, 0x is a protocol that allows ERC20 tokens to be exchanged using the main Ethereum network. Many projects are being made using the technology of this company.
The Future of Coinbase
The company is engineering solutions to be able to use Ethereum Classic (ETC) right now and has plans to support all ERC20 tokens, but BAT and ZRX assets will be first ones.
All updates will heavily take into account jurisdiction and legislation of many countries (especially the United States) and how hard it will be to implement certain tokens on the exchange.