Coinbase Exploring Listing Spree for DeFi Tokens Amid Growing Demand

Leading US-based cryptocurrency exchange Coinbase is considering adding support for a new wave of cryptocurrencies that have met their technical standards and adhere to local laws, the exchange announced Friday.

A large number of digital assets under Coinbase’s consideration are the native cryptocurrencies of Decentralized Finance (DeFi) protocols.

The coins include Ampleforth (AMPL), Band Protocol (BAND), Balancer (BAL), Blockstack (STX), Curve (CURV), (FET), Flexacoin (FXC), Helium (HNT), Hedera Hashgraph (HBAR), Kava (KAVA), Melon (MLN), Ocean Protocol (OCEAN), Paxos Gold (PAXG), Reserve Rights (RSR), tBTC, The Graph (GRPH), THETA (THETA), UMA (UMA), and WBTC.

Assets that meet the review standard would be added to pre-existing supported cryptocurrencies on Coinbase like Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin.

Before been added to Coinbase, these coins would have to undergo a series of evaluations ranging from security check to compliance check. The exchange will also check to find out if the asset project is in agreement with its goal of making the world an open banking system.

Applications for listing have been made available for anyone interested, and Coinbase users can show support for any cryptocurrency of their preference via public-facing APIs and any signs in the engineering sector.

In view with the scope of technical and compliance review involved, assets listed for consideration would have to undergo regulatory approval in some jurisdictions. A possible listing or period of listing of assets on the Coinbase platform would depend on the result of the review and not on Coinbase. 

Coinbase has a goal of offering its customers access to at least 90% of the aggregate market cap of all digital assets in circulation on their platform. With that in mind, the platform has listed assets on their platform, and it is still considering some previously announced assets for future exploration like Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), 0x (ZRX) etc.