Coinbase exploring support for five new cryptos including Cardano (ADA)
News

Coinbase Exploring Support for Five New Cryptos Including Cardano (ADA)

San Francisco-based currency exchange Coinbase has announced the possibility of exploring the addition of five new cryptocurrency tokens: Stellar (XLM), Cardano (ADA), zcash (ZEC), basic attention token (BAT), and 0x (ZRX).

Coinbase also mentioned that there is no timeline for when these assets will be listed. It also stressed on the fact that some may ultimately have limited support or none at all, particularly in more-restrictive jurisdictions.

The interesting point to note is that the cryptocurrency market experienced a slight decline on Friday, but these five cryptocurrencies managed to survive the decline. Following the announcement that the brokerage giant and cryptocurrency exchange Coinbase is “exploring” adding support for them to its several platforms, the prices of these five cryptocurrencies soared immediately.

A live example is the announcement of the addition of Ethereum Classic (ETC) by Coinbase in the month of June. Following the announcement, the price of ETC surged by more than 25 percent. Unlike ETC, the procedure of adding the mentioned five cryptocurrencies will require additional explanatory work.

As per the data collected by Google Trends and PlayStore, the waning popularity of crypto exchange Coinbase indicated falling interest in cryptocurrencies. However, Coinbase continues to build new avenues for expansion of its business. Coinbase said that it will hold discussions with banks and regulators to add the assets to as many jurisdictions as possible.

The company made the announcement official via Twitter:

Coinbase operates as an online financial service company. The Company provides an online currency for general transactions. The exchange markets to customers worldwide. It is a digital currency exchange headquartered in San Francisco, California. It carries functions in around 32 countries and bitcoin transactions and storage in 190 countries worldwide. It already supports Ethereum, Bitcoin, Bitcoin Cash and Litecoin.

Coinbase was founded in June 2012 by Brian Armstrong and Fred Ehrsam. Coinbase — which has already listed bitcoin, ethereum, bitcoin cash, and litecoin — has also stated that it plans to support ethereum classic and ERC-20 tokens. The company has also expressed its intention to acquire the licenses necessary to list assets classified as securities by U.S. regulators.

Follow us on Telegram!

Leave a Response

Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.