When it was launched, Coinbase was among the most selective cryptocurrency exchanges, choosing to list only two or three prominent cryptocurrencies while other exchanges listed hundreds or thousands. Now it is making up for lost time.
North America’s biggest cryptocurrency exchange announced Thursday that it is considering the addition of new cryptoassets that haven’t been launched yet. This is the second such announcement made by the exchange in as many months.
Till date, the exchange has listed tokens that are already available on other exchanges or those that have already been launched. The decision to increase its token count is possibly spurred by increased competition from other exchanges, such as Binance. It is also part of a strategy to make available tokens that comprise 90% of the overall market cap of cryptoasset markets to its customers.
The current list of shortlisted tokens includes those from familiar names, such as Telegram’s TON, Filecoin, and Dfinity, and startups, such as Avalance and Nervos. The exchange also held out the possibility that some of these tokens may end up not being listed post-evaluation. Coinbase uses a Digital Asset Framework to evaluate new tokens for listing on its exchange. The framework uses several criteria, from team composition to technology creds and governance, to reach a decision regarding a particular token. Considering the fragmented regulatory landscape for cryptoassets within the United States, the exchange stated the tokens will be listed based on jurisdictions.