For more than a year, we have witnessed the evolution of Coinbase as an exchange platform by including new cryptocurrencies in its wallet system. In this case, the community can enjoy TON, the Telegram token and 16 other altcoins.
Coinbase released an official statement where it claims to be exploring the addition of Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, Near, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, and Telegram’s stablecoin, as well as the recent addition of Dash to Coinbase Pro a few weeks ago.
Many of these altcoins have not yet been released to the general public. For example, Chia and TON have not yet seen the light. Chia Network is a creation of the founder of BitTorrent, Bram Cohen, and is currently in its testing phase.
Regulatory compliance has been Coinbase’s winning letter to undertake new projects and updates within the company, allowing it to make decisions that other platforms cannot, despite not hosting as many digital assets as other exchange companies.
Last year, Coinbase reviewed its legal criteria for the listing of new active crypto with the intention of including more altcoins to its platform. The reason for this change by Coinbase is that one of the main demands of its investors and users around the world, is that it could compete with the other crypto exchanges that were adding a lot of crypto projects and their respective crypto assets to its platforms, such as Binance, and as we observe, Coinbase was simply lagging behind.
Optimizing the wallet system
In response to this demand from its investors and customers, Coinbase announced that listing ads will be more frequent. And in reality they have done so, only last month they have added 8 new altcoins to their trading platform like DASH and Algorand, although there is still a great way to go to step on Binance’s heels, not only in the amount of cryptos It offers on its platform, but also on the many options and services offered by the largest crypto exchange of all, such as crypto lending, or margin trading, without the Binance JEX futures platform, including its own Blockchain of Smart Contracts and cryptocurrency, BNB.
Coinbase is one of the references when it comes to platforms to invest and do crypto trading, its simple and intuitive interface is one of the strongest reasons for this reality, but without a doubt the small amount of cryptocurrencies currently available in it is one of the most obvious disadvantages of the platform.
The Coinbase team said:
“For the first time, the crypto exchange shows interest in admitting digital currencies that have not yet been launched on the market!”
It is worth noting that Coinbase is a crypto exchange based in the city of San Francisco in the United States, and therefore is regulated by the entities of that country, which are unfortunately famous for not being very pro-crypto. The critpo exchange is expected to have to go through a bureaucratic period to evaluate the technical and legal problems of each of the cryptocurrencies that the platform has proposed to list.
In the coming months, Coinbase users can see signs of API, beta-stage solutions and engineering work aimed at their millions of crypto clients, since they do not want to lag behind in the sector. However, there is no guarantee that any of these 17 altcoins will be listed.
The crypto experts believe that Ton, the Telegram cryptocurrency will be the most difficult to pass all tests from regulators, since the instant messaging company is Russian, and has millions of users available around the world, situation that for crypto analysts will generate greater scrutiny by regulators, a situation similar to that of Facebook’s Libra.