Coinbase Plans Further Expansion of Cryptocurrency Menu

Coinbase, a cryptocurrency exchange headquartered in San Francisco, has announced that it is “exploring” the addition of a number of new cryptocurrencies, according to the company’s official blog.

The tokens in question are Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

Time to buy the dip?

It notes that due to the nature of these tokens, it cannot guarantee that they will be made available. This is because they will require more explanation than cryptocurrencies usually do.

The tokens

ADA (market capitalisation $3.6 billion) is the token of the Cardano blockchain, a proof of stake-based system which its operators claim to be peer-reviewed and based on a “scientific philosophy”. It runs on two layers – one for regular transactions and one that supports smart contracts.

BAT (market capitalisation $327.9 million) is the token of Brave, an internet browser. It basically powers a digital advertising platform, offering tools designed to convert human attention into money in the most efficient way possible. It raised $35 million in 30 seconds in its May 2017 ICO.

XLM (market capitalisation $4 billion) is the token of the Stellar blockchain, which was created by one of the creators of Ripple. Stellar is a non-profit network that processes cross-border payments.

ZEC (market capitalisation $761.6 million) is a privacy-focused cryptocurrency that offers users two possible addresses – a Bitcoin-like transparent address, and a fully private address which shields the details of transactions (amount, sender, recipient).

ZRX (market capitalisation $607.3 million) is an “open, permissionless protocol allowing for ERC20 tokens to be traded on the Ethereum blockchain.” It is the token of a decentralised exchange that processes only some parts of a transaction on the central blockchain which it claims does away with exchange fees and makes the system move faster.

In May we reported that the price of 0x spiked just after Coinbase announced its plans to add more tokens to its exchange (then GDAX, now Coinbase Pro) in the near future, although it did not mention 0x by name. The reaction came about because internet sleuths discovered that some former employees of Coinbase were involved with the project.

Coinbase and its listings

Coinbase recently announced its plans to support Ethereum Classic (market capitalisation $1.7 billion), which it is reportedly still working on. Ethereum Classic was created when Ethereum underwent an upgrade (fork) in July 2016 because of a major hack. Some people did not agree and continued using the old version. This is what is called Ethereum Classic now.

Last week we reported on the tribulations of Coinbase, which has seen its user numbers drop dramatically this year. The drop is the result of factors such as tax obligations, customer complaints, and the general downturn in the price of cryptocurrencies.

CEO Brian Armstrong remains defiantly optimistic about the company’s future, something evident in its plans for expansion as detailed in this article.