If you want to trade in digital currencies, you are going to need a platform on which to trade them, and an intermediary to communicate with the network. Coinbase is a global digital asset exchange company (GDAX), providing a venue to buy and sell digital currencies, as well as send information about those transactions out to the blockchain network to verify those transactions. Coinbase serves as a wallet, too, where the digital currencies can be stored. The application operates exchanges of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, as well as other digital assets with fiat currencies in 32 countries, and Bitcoin transactions in many more countries. According to its website, Coinbase has served over 10 million customers and facilitated the exchange of more than $50 billion worth of tokens.
As an announcement in an official blog post, the tokens adding to Coinbase are Ampleforth, Band Protocol, Balancer, Blockstack, Curve, Fetch.ai, Flexacoin, Helium, Hedera Hashgraph, Kava, Melon, Ocean Protocol, Paxos Gold, Reserve Rights, tBTC, The Graph, THETA, UMA, and WBTC.
Coinbase noted that adding cryptocurrencies requires significant technical and compliance review in the part of the exchange, and for some coins even a green light from the local regulators.
“We, therefore, cannot guarantee whether or when any above-listed asset will be listed on a Coinbase product in any jurisdiction,” the San Francisco-based exchange stated.
The popular crypto exchange and wallet platform also detailed that it will follow a “jurisdiction-by-jurisdiction” approach in listing the digital currencies, meaning that its users some jurisdiction might get their access early compared to others.
“As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets,” Coinbase said. The move came when the cryptocurrency market is gaining steam and is slowly moving towards a bull run again. Major cryptos like Bitcoin and Ethereum have recently breached major resistance levels.
Following the news of Coinbase adding tokens, most of the coins have surged meaningfully – Ocean Protocol is among the leading gainers jumping over 17% in the 24 hours, while Balancer also gained in double-digits, as seen on Cornmarketcap.com.
This surge in prices with major listing is usual with crypto as, last May, Maker, the token of one of the major DeFi platform, surged 37 percent with a listing on Coinbase.