[2018-03-26] Waiting Game? Why Coinbase Won't Add New Cryptos Anytime Soon

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Quote from: michkima on March 26, 2018, 12:26:49 PM

Guess its all about the policy that is why it has not added any new cryptocurrencies into their mix. But, probably it's also because they are just keeping things simple as their company policy. Adding new crypto into their exchange will mean it will be just like every other cryptocurrency exchange which includes all cryptocurrencies into their trading platform which probably is not something they want to do.

No, exchanges want to make the most profit as much as they can on any high volume cryptocoin. But what is stopping Coinbase are the regulators as mentioned in the article.

That means don't expect your favorite ICO token to be listed over there hehehe. But expect proof of work coins like Monero, Ethereum Classic or company backed tokens like Ripple or Stellar.

orions.belt19

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Quote from: michkima on March 26, 2018, 12:26:49 PM

Guess its all about the policy that is why it has not added any new cryptocurrencies into their mix. But, probably it's also because they are just keeping things simple as their company policy. Adding new crypto into their exchange will mean it will be just like every other cryptocurrency exchange which includes all cryptocurrencies into their trading platform which probably is not something they want to do.

Other than wanting to be unique among the other exchanges, I think that coinbase want to be cautious of the US regulations as earlier stated. There's a chance for them to get prosecuted by allowing or adding other coins or cryptocurrencies which is banned or declared illegal by other jurisprudence. Since they're one of the most widely used trading platform or exchange, they want to be cautious of listing a coin since it may drastically affect the price of it.

Morderus

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"Sit and wait" game from Coinbase side can be caused by current regulation policy in US. Looks like they are happy to add new coins, but are not sure about the consequences

Snarks

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Well, the technology is there. They probably were already working on ERC20 support, but the regulations have made adding new assets a legal minefield.

"We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time."

https://blog.coinbase.com/adding-erc20-support-to-coinbase-fe9cba6782b

aoluain

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interesting that they do want to add new tokens but also want to
hold off rushing in, I always find it a bit frustrating with their limited
choice of coins.

There seems to be uncertainty as to what may be coming down the line?

"When we get to a point that we know which digital currencies and assets are securities,
which ones are commodities, money or currency, it would be immensely helpful,"

aso118

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Quote from: ov3rflow9x on March 26, 2018, 11:51:50 AM

Supporting new crypto assets may be a "top priority" for Coinbase, but any such additions to its order books might not be close on the horizon.

According to Coinbase general manager Dan Romero, the San Francisco-based exchange wants to add several new cryptocurrencies in line with customer feedback, but it's treading cautiously as U.S. regulators deliberate on how they might treat certain uses of the technology.

https://www.coindesk.com/waiting-game-why-coinbase-wont-add-new-cryptos-anytime-soon/

The last time they added a crypto, Bitcoin cash, they were engulfed by an insider trading controversy. Though they announced an internal investigation into the matter, nothing came of it. And there were rumours about Ripple getting listed, which resulted in the price getting pumped. No wonder they want to tread carefully before listing new cryptos.

michkima

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Guess its all about the policy that is why it has not added any new cryptocurrencies into their mix. But, probably it's also because they are just keeping things simple as their company policy. Adding new crypto into their exchange will mean it will be just like every other cryptocurrency exchange which includes all cryptocurrencies into their trading platform which probably is not something they want to do.

ov3rflow9x

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Supporting new crypto assets may be a "top priority" for Coinbase, but any such additions to its order books might not be close on the horizon.

According to Coinbase general manager Dan Romero, the San Francisco-based exchange wants to add several new cryptocurrencies in line with customer feedback, but it's treading cautiously as U.S. regulators deliberate on how they might treat certain uses of the technology.

https://www.coindesk.com/waiting-game-why-coinbase-wont-add-new-cryptos-anytime-soon/

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