Cryptocurrency Exchange Coinbase Exploring Support For Five Top Altcoins

Announcements, News | July 16, 2018 By:

Cryptocurrency exchange Coinbase is exploring the addition of a number of new cryptocurrencies on its platform.

The cryptocurrencies currently under review are Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and Ox (ZRX). Coinbase said they will be working with local banks and regulators to add them in as many jurisdictions as possible.

Howver, the company notes that due to the nature of these cryptocurrencies, it cannot guarantee that they will be made available.

“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,” Coinbase said. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.”

The company also highlight the possibility that these cryptocurrencies would be available only in certain jurisdictions before being listed in the US.

“Regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to that jurisdiction,” Coinbase said. “In some cases, you should expect certain assets to be available in other jurisdictions before coming to the US.”

In March of this year, Coinbase has been hit by a class action lawsuit over alleged insider trading during its launch of Bitcoin Cash. In the company’s blog post, Coinbase noted that the announcement of the addition of new assets was made internally and to the public simultaneously to ensure that insider trading would not occur.

“In an effort to be as open and transparent as possible, we’re announcing that our teams are exploring the feasibility of supporting these assets,” the company said. “This is consistent with our process for adding new assets.”