Coinbase has decided to change its policy regarding new cryptocurrencies to list.
This was stated by the company’s CEO himself, Brian Armstrong, during the presentation of its first-quarter 2021 financial results.
Coinbase had until now maintained a certain rigidity in its policies with which it chose which cryptocurrencies to add to its exchange, but in doing so it has suffered competition from more open exchanges that have won over many users, especially recently.
The most striking case is that of Dogecoin, which literally exploded in 2021 also in terms of trading volume, and which until recently was only present on a relatively limited number of large exchanges.
The company has therefore decided to be much more inclusive of tokens from various crypto projects, and this could lead to numerous new listings of other cryptocurrencies, in addition to those already listed on the exchange.
In fact, in the next six to eight weeks Coinbase will add DOGE to the cryptocurrencies that can be traded on its exchange, precisely so as not to leave the huge volumes of fees generated by these trades to the competition.
Coinbase more inclusive towards new cryptocurrencies
But it won’t just be Dogecoin that will be added, because the company’s openness to, for example, newly created digital assets, as confirmed by Armstrong, will also make IEOs possible, i.e. the launch of new tokens on the market. There are now quite a few large exchanges that support IEOs, and for Coinbase to stay out of this business has not turned out to be a good idea.
In fact, Coinbase currently only accepts cryptocurrencies that are secure, well-established, and cannot potentially be considered a security. Instead, it will now also allow the listing of coins with no trading volumes yet.
“We’re going to have to do this in the future–be the first to list a number of these coins”.