Komal Joshi · Oct 21, 2020 . 6min read
Coinbase adds new Digital Assets as part of exploratory process
Coinbase announced that it will soon be adding 18 new digital assets to its platform in an effort to extend support to as many tokens as possible.
By Shilika · Aug 1, 2020 . 4min read
Coinbase has announced the addition of 18 new digital assets to its platform. The assets will first have to undergo a review to perceive if they comply with regulations. They will be released as and when they pass Coinbase’s evaluation.
The 18 new assets are: Aave (LEND), Aragon (ANT), Arweave (AR), Bancor (BNT), Compound Coin (COMP), DigiByte (DGB), Horizen (ZEN), Livepeer (LPT), NuCypher (NKMS), Numeraire (NMR), KEEP Network, Origin Protocol (OGN), Ren (REN), Render Network (RNDR), Siacoin (SC), SKALE Network, Synthetix (SNX), Synthetix (SNX)
Coinbase released the following statement.
“We will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. Our customers can expect Coinbase to make future, similar announcements as we continue to explore the addition of numerous assets across the platform.”
Coinbase’s stated goal in its blog post where it made the announcement is to be able to offer ’90 % of the aggregate market cap of all digital assets in circulation’.
When Coinbase has made announcements regarding support for new digital assets in the past, those assets experienced a mini bull run. For example, when it added Stellar Lumen (XLM) in March of 2019, the asset saw gains of 5.66% on the day. MakerDAO’s (MKR) price doubled shortly after being announced. VET also saw an increase of 12.34% after going live on the platform.
Coinbase recently got into a controversy in the crypto community. It reported that the organization might be selling its blockchain intelligence arm to the Internal Revenue Service and the Drug Enforcement Agency in the US. Users removed more than $214 million worth of Bitcoin from the platform last month. Moreover, people are actively boycotting Coinbase and reconsidering business elsewhere.