Coinbase is moving quickly. As the regulatory clouds are set to clear in the United States, Coinbase is positioning itself to dominate the retail cryptocurrency market. As the largest US exchange, and most well-known from a branding standpoint, the firm is readying itself for mass onboarding of a ‘who’s who’ of digital assets.
Per Coinbase’s blog post earlier today:
“As we announced in September, Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap. 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.”
“Towards that end, Coinbase is exploring a broad range of assets which include, in alphabetical order by symbol: Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL).”
“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. 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. Finally, as per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, which allows us to add assets efficiently and responsibly.”
The listing process and exploratory work referenced in the post could and can have all manner of nuance to it. No promises or claims of expectancy can be made as the SEC, CFTC and other regulatory agencies have yet to finalize broader guidelines that would free up Coinbase to execute a ‘mass listing’ of the coins listed above.
It is worth noting that Coinbase has put together a serious lobbying effort in Washington DC which, we assume, keeps them close to the regulatory processes and what the substance and timing of any regulation would be.
This is an interesting strategy and is clearly part of a larger plan to stay ahead of the competition here in the US – presumably Gemini and it’s attempt to gather retail customers along with their institutional operations.
It is also the kind of sign that should serve as a reminder that the pain of a bear market should be buttressed by the truth of how infrastructure across the crypto ecosystem continues to expand.