Coinbase users have reported seeing up to 50 new tokens on their app. Coinbase has commented that these are part of an educational platform and non-supported coins as listed as such. Still, it’s a step in a direction toward Coinbase’s earlier announcement of wanting to “add 40 new” tokens to its trading site.
Will Coinbase List 45 New Coins?
It’s an important question because every single time a coin is listed on the platform, its price skyrockets in a very short period of time.
The company recently announced that it is planning to add support for new virtual currencies. At the moment, the platform supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ethereum Classic (ETC).
Back on August 24, the exchange announced that it was going to be experimenting with the Educational Asset Pages. They explicitly explained that most of the virtual currencies displayed were not going to be available for trading.
Still, Coinbase teased a few months ago that it would add coins like ADA, XLM, and BAT. These coins are included in the 45 new coins on the site; leading to some speculation that the list is what Coinbase will consider adding later.
It all remains to be seen. For now, we know that Coinbase has taken another step to plant itself as a leader in this market. We know it would like to add more trading pairs. But perhaps it sees education as the first step.
“Starting today [August 24], we’re testing new ways for customers to explore and view the top 50 cryptocurrencies by market cap – most of which are not available to trade on Coinbase.”
Just a small number of users was able to see these top 50 virtual currencies using the application. In the future, the company may release the update for more users.
Adding more details on the educational aspect:
“It’s important to note that the educational page for an asset that is not available for trading is entirely based on the current market cap of the asset,” Coinbase explains. “The informational asset pages are meant to be an educational resource for customers and do not mean that Coinbase intends to support any specific asset.”
Coinbase is also working with the U.S. Securities and Exchange Commission (SEC) with the intention of being compliant and a trusted virtual currency exchange. Wealthy and institutional investors are searching for more regulations in the space before placing their funds on it.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.