In yet another positive move, the San Francisco-based crypto exchange Coinbase announced Friday, Dec. 7 that it is looking forward to exploring 31 altcoins including Ripple (XRP) and Stellar Lumen for possible listing.
According to a post published on its website, Coinbase will explore dozens of digital coins, ranging from underdogs such as Loopring and Chainlink to biggest altcoins by market caps like XRP, Cardano, EOS and Stellar. The exchange said it would be working with regulators and financial institutions to support the tokens in as many regions as possible.
Though Coinbase said it is contemplating adding 31 coins to its platform, the exchange said it is not a guarantee that all the mentioned coins will be listed. According to the post, some tokens might not be listed for some reason. Through their official blog, the Coinbase team wrote:
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately 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.”
Part of the reason Coinbase has been reluctant to list Ripple (XRP) is based on the regulatory confusion surrounding XRP. Early this year, the platform rubbished rumors that it was set to add Ripple to its platform. Rather, the exchange said that it would only list tokens that haven’t been declared as securities by the (SEC). In his own words, one of the top SEC’s officials William Hinman said:
“Systems that rely on central actors whose efforts are a key to the success of the enterprise would be subject to [the] application of the securities laws.”
The announcement comes days after Coinbase launched support for popular privacy coin Zcash (ZEC) on Coinbase’s official website and mobile apps. The platform’s users can buy, sell, send, receive and store ZEC token. However, the exchange said the service wouldn’t be available for their customers in the United Kingdom and New York. The two jurisdictions seem to be as strict as ever about granting crypto exchanges the legal status to operate.
Image from Flickr.