Cardano (ADA), Stellar Lumens (XLM): With the cryptocurrency regulations still biting hard, getting listed on US based exchanges has been very hard for some digital coins and tokens. Coinbase has been seen to be one of the choosiest exchanges and getting listed on it has its own benefits. Many digital assets have been locked out as a result of the confusion as which ones are securities and non-securities.
However, regulators are getting to understand the blockchain technology and its goals and appear to easing their hard stance on the who gets listed where and when. This has prompted the prestigious exchange to rethink its listing positions and is now adding more coins and tokens to its growing portfolio.
Latest Coins and Tokens for Coinbase Listing
A statement from Coinbase explains their intention to add Cardano (ADA), Stellar Lumens (XLM), Zcash (ZEC), Basic Attention Token (BAT) and Ox (ZRX). While making their surprise announcement the exchange has stated that:
“We are exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible.”
The statement which was made hours ago insists on transparency as part of their commitment to consumer satisfaction when it comes to supporting digital assets. This will be a timely boost for the newly listed coins as it will attract more exposure, investor confidence and traction at time when most digital assets are struggling for tangible gains.
The announcement has been communicated through the official Coinbase blog and on Twitter warns that:
“Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.”
The recent listing of Ethereum Classic on Coinbase was seen by many a controversial move given that the coin is ranked 15 by market cap and there are better ranking and promising coins like Ripple (XRP), ranked 3rd, that could have been listed instead.
Coinbase Setting the Records Straight
Coinbase appears to be setting their records straight to sweep the Ethereum Classic listing issue under the carpet though there are feelings that the listing will keep haunting them in the future. Many coins seeking the exchange listing are using ETC is their reference point. To this end, Coinbase added:
“Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using local wallet; We may also enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.”
Coinbase has gone further to articulate what users f the exchanges might expect in the future. This is in regards to the exploratory front:
“As part of the exploratory process, customers may see public-facing APIs and other signs that are conducting engineering work to support the assets. While we cannot commit to when or whether these assets will become available at this time, we will provide updates to our customers about the process and what they can expect via the Coinbase blog or Twitter.”
Recorded Gains after Coinbase Listing Announcement
The announcement has seen all the candidate coins price surge with some trading in the double digit zones according to CoinMarketCap report. At the time of filling this report Cardano (ADA) was trading at $0.135581 after gaining 5.32%. Stellar Lumens (XLM) has moved up by 7.08% to trade at $0.200245 while Zcash (ZEC) has gained 9.64% to trade at $172.61.
The move has seen Basic Attention Token and Ox (ZRX) trade in the double digit zone after gaining 15.36% and 15.77% against the dollar to trade at $0.308300 and $0.961697 respectively. These gains comes at a time when every coin is fighting in the market with the last 7 days being the worst this month for both major and small coins and tokens.