Coinbase To Explore Adding Five New Cryptocurrencies

Cryptocurrency exchange Coinbase is planning to explore the addition of five new cryptocurrencies to its platform. Just recently, the San Francisco-based exchange announced its plans to support Ethereum Classic (ETC).

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As per the blog post published on July 13, the trading platform is thinking of adding new assets including Basic Attention Token (BAT), Cardano (ADA), Stellar Lumens (XLM), 0x (ZRX), and Zcash (ZEC).

Coinbase to conduct additional exploration of tokens

The blog post says that these assets will require additional exploration and hence there is no guarantee that Coinbase will list them for trading or not. The company’s blog post further says that since some of the assets may possibly have limited functions, Coinbase has not yet determined whether the coins are securities are not. Also, some of these tokens may be available in only selected countries.

The trading platform is planning to negotiate with regulators and banks for adding assets to multiple jurisdictions if possible. According to Brian Kelly, the CEO and founder of BKCM LLC, said he would want almost every one of the tokens to be added to the platform but would prefer Zcash and 0x for a start. BKCM LLC is an investment fund that is focused on virtual currencies.

The digital trader added that it will not be surprising for him if these cryptos go up by 20, 30, or 40% over the weekend.

Immediately after the announcement, the value of all the five tokens moved up. Until now, the cryptocurrency exchange traded only four coins even though users were demanding more because of the increase in regulatory scrutiny in the past few months.

Listing process may have certain restrictions

Just a month ago, Coinbase added Ethereum Classic to its trading platform and immediately after that, the price of ETC spiked by over 25%. At that time, the leading cryptocurrency exchange stated that the addition of Ethereum Classic to its exchange platform was going as planned. However, the process of adding the new five cryptocurrencies can be different from ETC. According to the exchange, the listing process will make the coins available to the customers only to buy and sell but it will not be possible to send or receive them through the local wallet.

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