Coinbase has just announced its intention to add five new cryptocurrencies to its platform. Taken at face value, five does not seem like much. But if you look at the company’s history, this is the biggest batch it may add so far.
The new coins for consideration include 0x (ZRX), Basic Attention Token (BAT), Cardano (ADA), Stellar Lumens (XLM), and Zcash (ZEC). The possible listing of these cryptocurrencies now comes with a formal announcement as Coinbase has been subjected to serious criticism in the past for its listing of Bitcoin Cash (BCH). The sudden listing of the coin came with allegations of insider trading because of the sudden reactions of Bitcoin and Bitcoin Cash prices.
Announcing any and all intentions to add may just be Coinbase’s way of making up to the public for the whole Bitcoin Cash fiasco. Although the announcements wouldn’t mean any final decision was made, this should help reduce potential upsets as in the case with Bitcoin Cash.
However, despite this new level of transparency set by the company, the public is still in doubt of the intentions behind these “explorations”. This reputation is nothing new since Coinbase’s intention to support Ethereum Classic was also met with the same level of doubt. To this, the company stated:
“Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.”
To add, these coins will still need to go through a lot of processing to comply with regulations should they really be listed.
Following the public’s attacks on Coinbase’s statements is the ‘announcement’ of Kraken – a competing cryptocurrency exchange. Kraken saw a golden opportunity to troll the company and has also declared the cryptocurrencies it has been considering:
“Exciting and important revelation for the community today. Kraken has been contemplating the exploration of maybe adding over 1600 new coins, pending the outcome of our highly sophisticated review process. For a glimpse of the possibilities…”