The largest and arguably most popular cryptocurrency exchange in the world, Coinbase, has announced it will be considering adding listings of five new digital assets. Currently, the exchange only supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) but hopes to more than double that number in the near future.
The addition of Stellar Lumens (XLM) and Cardano (ADA) means the platform may soon list six out of the top ten cryptocurrencies by market capitalization. Downloads of the Coinbase app have decreased recently so the new listings may be a move to increase popularity.
Basic Attention Token (BAT), ZCash (ZEC) and 0x (ZRX) should prove to be popular choices as they are three coins that have all been getting increased attention lately. BAT’s Brave browser in particular has begun to grow in popularity with its novel approach to advertising.
All the new coins are under review and there is no guarantee they will all end up being listed. Coinbase needs to complete negotiations with regulators and banks to iron out specifics and details and also ensure the coins are available to the most countries possible.
In the case of certain currencies like ZCash, which is a privacy coin, certain conditions may need to be met. For Zcash, its possible transactions will only be available to accounts that make their details transparent. Coinbase is registered with the U.S. Securities and Exchange Commission (SEC) and strict regulations in the U.S. means it could take longer for the coins to become available there.
Following the announcement, all five cryptocurrencies saw a surge in price similar to that enjoyed by Ethereum Classic (ETC) when Coinbase announced its potential listing a month ago. 0x (ZRX) enjoyed the highest price increase after the listing, of 27%. BAT had a 22% jump, Zcash 15% and Stellar and Cardano around 11% each.
Coinbase still maintain they do not have any plans to list Ripple (XRP), despite its position as third largest cryptocurrency by market cap. However, if the SEC finally make a decision as to whether XRP is a security or not, this may change.
Image From Shutterstock