Coinbase Introduces A New Cryptocurrency Listing Process
Coinbase has finally established the importance of having a legal framework, which will manage cryptocurrency exchange. The rule is that all exchanges must meet the legislative standards. That said, the San Francisco-based company is introducing a new procedure for listing new assets. The procedure will involve getting tougher and have the listing of assets done in a “jurisdiction-by-jurisdiction manner”. The approach will get rid of the previous ad-hoc processes, which were not only unreliable but also insecure.
There is a lot of optimism in the new listing process according to a post by Coinbase. The expectation is that the process will help in monitoring how other exchanges approve coins for listing. Coinbase is one of the cryptocurrency exchange giants which currently supports Bitcoin and popular altcoins. It is one of the versatile business model seemingly attracting both retail and institutional investors. Thus it is expecting to list more digital assets including new ones.
Anyone using the new system will use an online form to submit their cryptocurrency. Coinbase will then list those who meet the criteria but only after a thorough evaluation. There will be an application fee besides a fee for approved assets. Nonetheless, Coinbase CTO Balaji Srinivasan has confirmed that the fee should not deter people from listing their assets. Its implementation is primarily for shutting away spam.
However, the coins may not be available in every region especially where local regulations have forbidden them. Nonetheless, there will be regular updates of the submission form.
The use of virtual currencies is now very common particularly in emerging markets and has attracted people from all walks of life. There is rapid demand and very quickly becoming a game – changer for hundreds of investors.
However, the biggest challenge is in having unregistered exchanges, which are trading in assets that local regulators do not allow. There has been complains of exchanges, which have gone underground with millions of investments. Nonetheless, Coinbase may be breaking this conflict with its new measure, which seeks to increase trust and make the exchange platforms reliable.
The company serves over 20 million customers in 33 countries. Its grand ambition is to become a household name in cryptocurrency products and services.