Coinbase Plans to Add more than 30 Digital Currencies to its List

The process will depend on the study based on the legal frameworks of each country. Maybe commercial services will not integrate all cryptocurrencies

Coinbase, the operator of one of the most reputable exchange platforms in the world, announced plans to incorporate more than 30 new digital assets for using them during different business operations.

The organization based in San Francisco, the United States of America, announced that for the time being, it is conducting the corresponding procedures this possibility, according to what during different reported in a publication on its blog this week.

Some of    the currencies and cryptoactives that this US exchange house plans to include  are ERC-20 tokens; in addition to others from independent projects. Among thebest known are Cardano, EOS, ANT, SNT, XRP, XTZ, NEO, ENJ, DAI, Stellar andRipple.

“Overtime, we will offer to our customers access to more than 90% of all existing digital assets compatible with capitalization models in markets”, says the public statement addressed to the Coinbase follower community.

However, the company was very frank with the enthusiasts. It reported that the processto add new tokens to its platforms requires an important research. One of themain objectives is to evaluate if the projects provide the necessary securityto the users of this platform. The ERC20 tokens do not imply a deep regulatoryreview. The security systems of the platform can easily integrate this token.

The intention is to ensure that the requirements comply with the technical andlegal foundations established by the jurisdictions where it operates. For thisreason, Coinbase does not guarantee the platform can effectively incorporate allthe assets considered and without presenting major inconveniences.

In this regard, the post reviews: “In addition, our final listing may result in the exclusion of some proposed assets. Similarly, others, which will only be commercialized without being able to be extracted to a local wallet, can be incorporated. Finally, according to the legal frameworks, we will add new assets per country, in order to fulfill this process in an efficient and responsible manner”.

Possible Contingencies

According to Coinbase, it warned its customers, there is a possibility that some of their services list these assets before they are formally included in the listings. Therefore, should this occur, the company “doesnot undertake to facilitate the commercialization of the assets before officialannouncements, since these could be withdrawn”.

The clarification arises because Coinbase customers previously saw in their services that the platform would incorporate some tokens. The operative bots took advantage of this opportunity to commercialize the tokens before they were officially announced. Something similar happened with the users of the Coinbase wallet, who saw the option to store balances in ZCash, before there was an official announcement.

After the publication of the list, Coinbase Pro detailed that it will add support for the tokens of Civic, District0x, LoomNetwork, and Decentraland. So far, currencies only operate in transfer mode, so users can only deposit funds and make purchases, but not make withdrawals.

In the event, which seeks the intention becomes a reality, Coinbase would have in its platform more than 90% of the existing cryptoactives, which should follow the regulatory rules to avoid any type ofinconvenience in the future.

By María Rodríguez