The cryptocurrency giant, Coinbase recently revealed its plans to bring in support for 8 new virtual currencies. The plan is laid as a strategic part of its main agenda, i.e., giving customers access to over 90% of the overall market cap of its digital currencies.
Coinbase revealed its plans through a blog post dated August 5th.
Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws. Over time we expect our customers around the world will have access through Coinbase to at least 90% of the aggregate market cap of all digital assets in circulation.
To make this vision a reality, we evaluate prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world.
Thereafter stated its motive to roll out a gamut of new digital assets. It said that customers would find a number of signs and public-facing APIs having support for these assets. The list of these assets consists of Algorand, Dash, Decred, cosmos, Matic, Harmony, Waves, and Ontology.
According to a recent report, Dash is 15th largest crypto giant and Cosmos stands at 20th place when ranked by market capitalization. Two of these assets, namely Harmony and Matic Network, launched IEOs via launchpad of Binance. On the other hand, Algorand made an independent sale of tokens in June raising $60m with an indicated valuation worth $24 billion.
It also mentioned ensuring rigorous alignment with the regulations and said that any subsequent decisions will be subject to relative compliance and technical scrutiny and will require complete approval from jurisdictions. It, therefore, does not guarantee the listing of the above-mentioned assets on Coinbase product under a jurisdiction.
As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any asset from active review and potential listing.
Our customers can expect Coinbase to make future, similar announcements as we continue to explore the addition of numerous assets across the platform.
In a previous report, Coinbase was reported to have incorporated 50 new supporting jurisdictions in the month of March along with the stablecoin trading, USDC in 85 nations. In the announcement, Coinbase told that Stablecoins are essential to all who are trading crypto, and also inhabit the potential of improving the living of people materially, in nations that are doomed with depleting wealth. In countries like Argentina along with Uzbekistan, where user prices are anticipated to rise by over 10–20% next year, stablecoins including USDC can offer a means to maintain stability in the hard times.