On 13th July, Coinbase announced that they are exploring the addition of Cardano [ADA], Basic Attention Token [BAT], Stellar Lumens [XLM], Zcash [ZEC] and 0x [ZRX] to the platform.
Coinbase confirmed that they will be working with local banks and regulators to add its new assets in as many jurisdictions as possible. They further stated that the announcement was made public “to remain transparent with our customers about support for future assets.”
Coinbase, in their official announcement blog, said:
“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, they stated that their listing process might result in a few of the mentioned assets to solely be listed for customers to trade.
The exchange confirms to use transparent Zcash addresses to support only withdrawals and deposits. This would only be enabled to interact with the ‘assets’ through Coinbase’s site.
To elaborate the process of listing these ‘assets’, customers of Coinbase will be accessible to the public-facing API’s and can observe the engineering processed over the newly explored assets. However, they are unsure of the timeline for the availability of these assets.
This announcement of Coinbase adding the coins ADA, XLM, BAT, ZEC, and ZRX has led to speculation and a pump in the price of the tokens.
At the time of writing, Stellar Lumens [XLM] and Cardano [ADA] are traded at the price of $0.19 and $0.13. Both the coins are running green in their 24-hour cap with a hike of 6.15% and 5.86%, respectively. Zcash [ZEC] has the trading price of $171.13 while it is also pumping with the hike of 8.70% in the past 24 hours.
Basic Attention Token [BAT] and 0x [ZRX] have a surge of 16.64% and 12.36%, the trading price of both the coins are $0.31 and $0.95 respectively.
A Telegram group named ‘Binance Trading Signal’ has posted a snippet of the newly explored assets of Coinbase pump on its native platform.
Due to the announcements made by Coinbase, the crypto verse has been reacting exuberantly with constant tweets. Crypto-enthusiasts and well-known online influencers have made comments on the same.
Galgitron, a crypto-enthusiast commented:
“Seems obvious that Coinbase is positioning itself to become a competitor to Ripple. It’s not that it thinks XRP is a low-quality coin, but in fact it views XRP as the best coin, worthy of competing with. That’s why it has no problem listing these other lower-quality coins”
Jackson Palmer, the creator of Dogecoin said:
“Cardano doesn’t even have a completely launched or decentralized ledger yet. @brian_armstrong – why announce this and create market pumps rather than quietly open markets once ready?”
Cory Johnson, the Chief Marketing Strategist of Ripple said:
“The exchange wars are heating up – @RobinhoodApp adds BCH and LTC, @Coinbase reacts with talk of adding some (mostly) unknown/unproven coins (isn’t 0x an ICO?)… all the while playing catch-up to @Binance, trading the largest volume of them all.”
Official account of WhalePanda, retweeted saying:
“Today I’m announcing that maybe in a few years I might pay someone to build me an exchange. And once that exchange I will be exploring the addition of the following assets: Bitcoin (BTC), Monero (XMR),… Please pump them. Thanks.”