What will Coinbase add next to their list?
A lot of promising coins rose in 2020, riding an unceasing bullish phase that seems to have continued into 2021. With the ever-growing crypto space and the rise of newer coin releases on the horizon, it raises the question, what cryptocurrency will Coinbase add next? What affects their decision to add new coins, and what is its foreseen impact on the crypto market? Discover all the answers to your Coinbase and crypto-related questions here at Bitcasino.
Coinbase’s listing process
Back in 2018, Coinbase only had Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin listed on their platform. In just over two years, they’ve listed over 50 new coins, spurring growth and development in the crypto industry.
Every now and then, Coinbase releases a blog post stating their intent to support new digital assets. According to their posts, Coinbase follows a Digital Asset Framework in assessing which coins will be listed on their exchange. With factors such as security, compliance and overall mission to consider, it takes a long time for a coin to be accepted.
In 2018, they announced they were reviewing 30 digital assets that will be listed some time in the future. Some of the altcoins include Cardano (ADA), Dai (DAI), EOS and Tezos (XTZ) to name a few. However, not all listed coins became available on the exchange.
Two years later, Coinbase posted another blog revealing more digital assets were under review. The list included Ampleforth, Band Protocol and Balancer among others.
Recently, they made it easy for developers to have their coins listed in Coinbase with the launch of Asset Hub. Developers can create an account there and have their coins reviewed so it can be listed on the exchange site. With this development, the crypto sphere can potentially see more coins added to Coinbase’s prestigious list.
Top new coins that can be added to Coinbase
Out of the 8,000 plus crypto coins listed in Coin Market Cap, these are the best ones that are yet to be listed in Coinbase:
Cardano or its coin ADA is currently the 6th largest cryptocurrency in terms of market capitalization according to Coin Market Cap’s list. With over 31 billion ADA in circulation since its launch in 2017, its rise in numbers also became apparent with its spike in price that now sits at US$0.36.
An ambitious project spearheaded by Ethereum co-creator Charles Hoskinson, Cardano aims to be the third-generation of crypto which builds on the basic fundamentals of Bitcoin and Ethereum.
This aspiring project caught the attention of the crypto community in 2017 since its whitepaper was produced through peer-reviewed brainstorming by researchers and global members of the academic community. Unlike the traditional way of posting a whitepaper online, the Cardano Project ensured it has undergone rigorous research and revisions not just by one group but by researchers before it arrived in the last phase.
ADA’s sudden rise to the 6th spot in the coinmarketcap list means more and more people are believing its vision. Cardano’s solution to fix scalability and interoperability issues is its main attractive characteristic that continues to draw people in. With a higher demand for ADA and a continuous upward growth in its price and supply, it’ll only be a matter of time before Coinbase lists the so-called third generation cryptocurrency.
Why is Cardano not currently listed on Coinbase?
The reason why it is still not listed might be because Cardano is still applying the finishing touches to its blockchain. Only 4 years after its conception, there is still a lot to be accomplished in its road map which spans 5 different stages. Currently, the Cardano project is at the Goguen stage where the Ouroboros protocol becomes live.
However, there are hopes that ADA will finally be listed in Coinbase in early 2021. Last July 2020, Cardano’s research branch IOHK announced during the Cardano Summit that they signed a custody agreement with Coinbase, allowing users to stake ADA on the exchange’s cold storage. This means ADA holders can store their coins in Coinbase Custody’s cold storage for staking.
Nonetheless, ADA is still not listed on Coinbase, and there are still no announcements on when users can expect to buy ADA on the exchange.
Created in 2017 by the non-profit organization Tron Foundation, Tron is a decentralized peer-to-peer blockchain that aims to liberate the online content and entertainment industry. It plans to do so by directly bridging content creators with its audience, cutting middlemen from the equation. With this direct entertainment interaction, viewers won’t be bombarded by ads from third-party apps and sites, and content creators can receive tips without a middleman.
Tronix or TRX
The Tron project also has its own native coin called Tronix or TRX. Users can use TRX to tip content creators they want to support and creators can convert the assets to other cryptocurrencies. Additionally, TRX is a proof-of-stake coin that gives the owner voting rights and privileges they can exercise when making important decisions for the network.
Tron in the present and the future
Tron partnered with South Korean tech giant Samsung in October 2019, announcing that DApps built on the Tron network will be available for a wider range of audience through Samsung Blockchain Keystore. This will also make it easier for developers to create decentralized applications which will be accessible to a global audience.
With higher demand for online entertainment than ever, Tron’s mainstream rise is on the horizon. 2020 saw massive increase in online and streaming activity from people around the globe due to the pandemic. Not only did the web space provide entertaining content during this time, but it also offered plenty of novel career opportunities. Content creators rack up a huge amount of money from sponsorships alone. This opportunity will only drive more people to seek online opportunities online for a safer and more convenient working environment.
For Tron, this means more clients can benefit from Tron’s decentralized services. As the demand increases and TRX’s supply grows, Coinbase will eventually have to take a look at the coin and consider it for listing.
Why is TRX not listed on Coinbase?
Despite being the 19th largest cryptocurrency based on market capitalization, TRX is still not listed on Coinbase. Members in the online crypto community suspect this has something to do with Tron’s political background. Based in China, Tron’s CEO Justin Sun is a tech entrepreneur known as the student chosen by Alibaba CEO Jack Ma. With the current tension in the US-China relation, there might be issues on Tron’s compliance with the regulations set by the Securities and Exchange Commission in the US.
Nonetheless, people still hope TRX will be listed in the biggest crypto exchange in the US. For now, you can buy TRX through Binance, Huobi Global and OKEx where you can exchange them for other cryptocurrencies.
Known as the Chinese Ethereum, Neo is a decentralized platform where smart contracts can be built. Da Hongfei and Erik Zhang developed it in 2014 back when it was still named ‘Antshares’. It wasn’t until 2017 that the name Neo came about.
Neo prides itself as ‘the developer-friendly, community-driven and enterprise-ready open network for the smart economy.’ Similar to Ethereum, it provides developers with everything they need to build applications on the network.
China stands out among other countries when it comes to having a robust crypto industry. Despite the government’s strong regulations, it remains as a Bitcoin mining stronghold. With its large crypto community, steady demand for decentralized services and continuous development of blockchain technology, China will maintain its position as an incubator for novel ideas in the crypto industry.
That’s why Neo will only get better as time passes by. Its purpose as a platform for decentralized applications allows other innovators to turn their ideas into reality, expanding the world of crypto even more. NEO currently sits at the 26th spot in Coinmarketcap’s list.
Why is NEO not listed on Coinbase?
Coinbase included NEO in a blog post about new digital assets they were exploring back in 2018. Three years later, NEO is still not listed and it might be because listing NEO would mean listing GAS as well which would take longer. A political issue can be raised against Neo since it’s a China-based project like Tron.
In the meantime, you can buy and trade NEO on other exchanges such as Binance, Huobi Global, BiKi and OKEx.
Why is it important to be listed on Coinbase?
Coinbase opens the doors for new coins with its worldwide user base, allowing crypto enthusiasts from all over the world to invest in them. This also fosters a healthier and more competitive market, with more trades and daily transactions.
Most importantly, Coinbase serves as a gateway for plenty of people intrigued by the inner workings of cryptocurrency. Through its user-friendly interface and streamlined processes, fledgeling crypto enthusiasts can easily purchase their first coin at Coinbase and start investing in digital assets.
Look forward to the bright crypto future
Exciting crypto projects are on the horizon, and before you know it, your investments might be heading to the moon with skyrocketing prizes! With Bitcoin’s parabolic growth, all of the crypto sphere is on its way to a bullish phase.
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Words by: Leann Padilla