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Coinbase to Add 8 New Digital Assets to its Platform

American based crypto exchange Coinbase, has announced that it intends to add eight new digital assets to its platform. The company intends to begin to explore the possibility of making that a reality as soon as possible according to the announcement.

Coinbase spreading its wings

The expansion into the eight new digital assets is part of the exchange’s larger agenda to give customers access to 90% of the aggregate market capitalization of all digital assets. Coinbase made the official announcement on its blog, and as part of the announcement the exchange added that it may roll-out public facing APIs and show other indications of engineering work during the exploratory phase.

As per the announcement, the exchange is currently exploring support for 8 new digital assets namely Algorand (ALGO), Dash (DASH), Cosmos (ATOM), Decred (DCR), Harmony (ONE), Matic (MATIC), Ontology (ONT), and Waves (WAVES). According to data from Coin360, Dash and Cosmos are currently the 15th and 20th largest cryptocurrencies by market cap, respectively.

Coinbase global support push

The announcement by Coinbase also includes a number of disclaimers which include stipulations that state that the incoming assets will not be guaranteed offerings in any particular jurisdiction, and that assets that are not on the list may potentially be listed in the future. Coinbase also said that it intends to ultimately provide support for a minimum of 90% of the aggregate market capitalization of all digital assets that are in circulation for its users worldwide. The exchange plans to achieve this through the Digital asset framework which it uses to assess the relevant properties of potential assets such as security and compliance.

As reported back in March, Coinbase expanded its wings to 50 new jurisdictions in March as well as adding USDC Stablecoin trading for 85 countries. In that announcement Coinbase wrote;

“Stablecoins are beneficial to anyone who trades crypto, but also have the potential to materially improve the lives of people in countries where inflation is eroding wealth. For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation.”

Stablecoins have been floated as the ultimate silver bullets to Cryptos market volatility problem, with the most popular one being Facebook’s Libra. The Libra has caused a stir by attracting both praise and criticism alike. Some people such as BitMex CEO Arthur Hayes believe that it will disrupt the banking industry, while some in congress see it as a threat to the financial order.

Image Courtesy of Marketwatch.com

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