Californian cryptocurrency exchange Coinbase seeks to diversify its portfolio by adding five altcoins: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).
The announcement made by the largest American cryptocurrency trading platform was dedicated both to inform employees and customers. “We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets,” Coinbase noted.
We would like to note that Coinbase’s listing of Bitcoin Cash (BCH) has created a wave of negative comments because of the latest allegations on altcoin.
Today we are announcing that we’re exploring the addition of the following assets to Coinbase: Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). https://t.co/qoECyR0V1f
— Coinbase (@coinbase) July 13, 2018
Why would the company announce about the “exploration”?
Even if the company pointed out that it is maintaining data transparency, the announcement created a confusion among the crypto community. Why would the company announce about the “exploration”? Coinbase responded in advance, stating that:
“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.”
Customers should become accustomed to such announcements
In addition, Coinbase wants customers to become accustomed to such announcements, as the company plans to explore new services as well in the future. “Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets,” Coinbase commented. “Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”
Kraken trolled Coinbase’s news
An important player on the crypto exchanges market, Kraken, was amused by the announcement made by Coinbase and trolled the Californian competitor, tweeting:
“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.”
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: https://t.co/dmfd5yr48s
— Kraken Exchange (@krakenfx) July 14, 2018