Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

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Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

Now Coinbase will provide high-volume clients across the Asian region with its professional trading and custody services.

Coinbase Forays Into Asia Targeting High Volume Businesses with New Trading Services

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Source: CoinSpeaker

The Much-Anticipated Bakkt Platform Announces High-Ranking Vacancies

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The Much-Anticipated Bakkt Platform Announces High-Ranking Vacancies

The Bakkt platform is not letting multiple delays cringe their business strategies. They have announced vacant positions targeting to hire experienced and top-ranking executives.

The Much-Anticipated Bakkt Platform Announces High-Ranking Vacancies

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Source: CoinSpeaker

Coinbase Targets Whales in Europe and Asia With New Trading Services

As the crippling US government shutdown rolls into its fifth week major crypto exchanges are looking at alternative markets. They don’t come much bigger than Coinbase which has just expanded trading options for big traders in Europe and Asia.
High Volume Traders Only
The new options are not available to everyone though as only Coinbase Pro and Prime customers have been selected. The biggest improvement is the ability to use cross border wire transfers to fund Coinbase accounts. Previously the bank had to be in the same country as the exchange account was opened.
According to the announcement select Coinbase Prime customers globally will get access to European and US OTC trading desks and cold storage service Coinbase Custody. These new options are not generally aimed at ‘Joe Public’ who would be happy trading small volumes on an account linked to a bank in country of residence. The company blog adds;
“Hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase serves these customers, along with other participants in the market, like asset issuers, exchanges and miners.”
The cross border options are aimed at countries where fiat to crypto exchange options are not yet available. By allowing cross border SWIFT payments Coinbase has effectively circumnavigated any central bank or government restrictions on doing business with crypto exchanges. India comes to mind instantly where a number of banks are still refusing to allow their customers to use their own funds to buy crypto. The proviso is that clients must be ‘high volume’ traders and obviously have bank accounts in other countries.
Coinbase has also setup OTC trading desks, again for high rollers who need to trade large volumes without getting stung on spreads and fees. No doubt Coinbase, which has recently been accused of censoring accounts, is still taking a cut. It will be less than using the traditional exchange, which still has some of the highest transaction fees in the industry.
Coinbsae Custody, which is regulated as a New York Banking Trust by the New York Department of Financial Services, has also been offered to a select few in Europe and Asia. Unlike Binance, which aims to bring crypto to the masses, Coinbase appears to be targeting the whales first, making it easier for them to shift larger volumes.
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Coinbase supports inbound and outbound international [SWIFT] wire transfers; ventures deeper into Asia

Coinbase, a leading cryptocurrency exchange platform in the US, has taken another massive step to support their institutional clients and high-volume business across Asia. The platform announced today that they have opened their doors to professional trading and custody platforms for institutional clients and high-volume customers in Asia.
On their official blog post, the exchange stated that their clients across Asia can now access the platform’s trading services for institutions, cold storage service, and Coinbase custody.  In order to achieve this, the platform will “now support inbound and outbound international [SWIFT] wire transfers, allowing Coinbase clients in Asia to fund their accounts from non-US bank holdings”.  They added that this feature will help their non-US customers to access the platform’s deep pool of cryptocurrency liquidity.
The exchange further stated that they will also be providing these high-volume customers in Asia the access to trade, deposit and withdraw Circle’s stable coin, USDC via Coinbase Prime, allowing customers to access several trading pairs available on the platform. Additionally, approved high-volume customers in Asia have access to the platform’s Coinbase Custody, an institutional-grade service optimized for storing large amounts of cryptocurrency in a highly secure manner.
They said:
“We see a bright future ahead for crypto in Asia. Building on our announcement last June that Nao Kitazawa would lead our efforts in Japan, we have also recently appointed Kayvon Pirestani to head institutional sales in Asia, operating from our Tokyo office.”
To add on to customer’s delight, the platform will be rolling out their recent OTC trading desks to all the approved Coinbase Prime clients around the world, allowing a few select customers to perform large amounts of trade.
Andrew Robinson, head of institutional sales and trading for Coinbase in Europe, the Middle East, and Africa, said in an interview with Forbes:
“The OTC, which went live in the U.S in November and the in the U.K. just before Christmas, has been well received so far. This latest upgrade means Coinbase customers outside the U.S. are now able to trade without a domestic U.S. bank account – something we think is going to make a big difference for out trading volumes.”
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Source: AMB Crypto

Coinbase Exec Unveils What 2019 Will Bring for Bitcoin Regulation Globally

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Coinbase Exec Unveils What 2019 Will Bring for Bitcoin Regulation Globally

The unfolding year is said to bring many changes to cryptos and an intense regulation framework is going to be one of them according to Coinbase’s lead counsel in the UK.

Coinbase Exec Unveils What 2019 Will Bring for Bitcoin Regulation Globally

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Coinbase UK Legal Counsel Predicts 2019 is a Big Deal for Bitcoin Regulations Worldwide

Marcus Hughes, Coinbase’s lead executive believes the year 2019 will bring ‘regulations on Bitcoin’ across the world, particularly in Europe.
Huges Predicting Positive Outcomes from Regulations
Discussing at the Forbes Interview, Chief Counsel of Coinbase, the leading Bitcoin Exchange and Wallet service, Marcus Hughes said that the regulatory frameworks will shape the future of Bitcoin. Noting Bitcoin regulations across the world, he specifically noticed Europe to see a big move in terms of crypto regulations. Hughes said in an interview
“Within the next year or two, we’ll see big developments. Regulation will take shape this year, particularly in Europe.”
Crypto regulations ring a fearing bell for crypto enthusiasts across the various countries. While the ban is not a favorable solution, many enthusiasts, analysts, and companies expect authorities to form favorable regulations that would likely encourage adoption and innovation.While Mr.Hughes thinks 2019 as the year of better regulations for Bitcoin and cryptocurrencies, the other fame personality of the crypto market, ‘jalak jobanputra, a founder of NYC based Venture Capital Fund, Future Perfect’ voiced that 2018 was the year of regulations. She further urged that the year 2019 will be a better year for cryptocurrencies.

2018 was the year of regulations for cryptocurrencies, 2019 Will Be a Better Year for Cryptocurrencies – @jalak #CryptoNews #Crypto #Bitcoin #BitcoinNewshttps://t.co/nUVuKsJRTd
— CoinGape (@CoinGapeMedia) January 3, 2019

Crypto In European Countries (E.U)
Mr.Hughes during an interview strongly notes ‘Europe’ to see a big move in terms of regulations. Nevertheless, it is worth to note that the European Banking Authority (EBA) insists for ‘efficient crypto regulations to safeguard investors across the bloc while also approaching fair rules for cryptocurrency operations across European Unions.
“We could end up with E.U. member states creating their own crypto laws, but it’s certainly possible we’ll get a unified approach in Europe. It would make the life for companies like Coinbase a lot easier.’, said Hughes.
Furthermore, the meteoric rise of Bitcoin price in late 2017 has raised the eyebrows of crypto enthusiasts as well as scammers. Henceforth the eyebrows of regulators too. Although the crypto market experienced an unexpected decline during last year, some of the leading banks are still seeing huge potentials in crypto space. Hughes cited the uncertain regulations are holding these banks from adopting the wider perspective of crypto, yet they’re keen to indulge in a space’.

“As the industry matures and is better regulated it will need the talent and experience to manage it, Hughes thinks.”Regulation will help a lot, in particular around custody offerings. These things take time. Clients of investment banks will expect regulation to be in place.

While Binance Boss, CZ remarks that he doesn’t look at the price until someone informs the same to him, chief counsel of Coinbase admitted that he does have check regularly.
He further states that ‘Coinbase exchange considers a long view on cryptocurrency prices’.
“We need to move beyond the speculation phase of bitcoin and cryptocurrency to the utility phase. The utility phase will mean bitcoin and crypto becomes more widely accepted and understood.”
The post Coinbase UK Legal Counsel Predicts 2019 is a Big Deal for Bitcoin Regulations Worldwide appeared first on Coingape.
Source: CoinGape

U.S. Crypto Exchange Bittrex Rolls Out OTC Trading Desk Supporting Nearly 200 Cryptos

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U.S. Crypto Exchange Bittrex Rolls Out OTC Trading Desk Supporting Nearly 200 Cryptos

U.S. cryptocurrency exchange Bittrex has announced the launch of its over-the-counter trading desk that will facilitate trading between two parties.

U.S. Crypto Exchange Bittrex Rolls Out OTC Trading Desk Supporting Nearly 200 Cryptos

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Coinbase Halts Ethereum Classic Transactions After the Network Comes Under Attack

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Coinbase Halts Ethereum Classic Transactions After the Network Comes Under Attack

Coinbase took to its Twitter to reveal that its internal developers detected a “deep chain reorganization” of the Ethereum Classic (ETC) blockchain. During that ‘reorgs’ nearly $500,000 worth of ethereum classic was spent twice

Coinbase Halts Ethereum Classic Transactions After the Network Comes Under Attack

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Crypto Ecosystem Needs to Evolve as Coinbase Censors Accounts

The entire premise set in motion by Satoshi Nakamoto ten years ago was one of a decentralized peer to peer currency beyond the control of governments, banks and mega corporations. Fast forward to 2019 and we have yet to achieve that goal as banks are still controlling the inflow and outflow of fiat to crypto, and huge exchanges are still controlling user accounts.
Coinbase Censoring Merchant Accounts
They don’t come much bigger than Coinbase which has set itself us as the standard and king of crypto exchanges. In the early days the exchange was seen as a good thing for the industry providing a relatively easy on-ramp for laypeople to get into crypto. Today it has grown in size and wealth beyond imagination and rules the realm with an iron fist.
A quick Google search will return thousands of results on complaints about Coinbase and frozen or closed accounts, and lost funds from disgruntled users and the company does not rank very well on review websites. A few days ago reports emerged that Coinbase had started censoring accounts beginning with the merchant account of social media platform Gab’s founder Andrew Torba.

As predicted: the on ramps and off ramps (exchanges) are going to start censoring not only companies, but also individuals. @coinbase has now banned both Gab's merchant account and Andrew Torba's personal account.
Decentralized exchanges are the future. pic.twitter.com/LXkjblrdgu
— Gab.com (@getongab) January 4, 2019

According to Breakermag.com Gab is a platform that welcomes those that have been banned my mainstream social media. This has caused it to be on the wrong end of stick from payments providers such as PayPal, BitPay and now Coinbase. Granted, Gab had a merchant payment account which a decentralized exchange cannot help or facilitate.
The problem lies in US policy which forces companies to practice suppression and censorship. This is partly why so many other exchanges and crypto companies refuse to deal with US customers, that and the fact it has one of the harshest personal tax laws on the planet. Thirdly is the ever increasing cost of covering subpoenas as pointed out by Kraken;

Peek at our Compliance team's 2018 Transparency Report. You can see why many businesses choose to block US users. Cost of handling subpoenas (regardless of licenses) is quickly becoming a barrier to entry. Inquiries up 3x YoY. pic.twitter.com/YbyLEqhOUf
— Kraken Exchange (@krakenfx) January 5, 2019

The land of the free appears to be the complete opposite and censorship laws run deep. This is not the first time the crypto industry has run up against American policy, in April last year the merchant account of Wikileaks was closed by Coinbase at the behest of the government.
Decentralized exchanges will be the answer for individuals but are not the solution for merchant accounts. Organizations may need to form their own body and method of financial exchange to free themselves from states that wish to oppress them. Relying on crypto exchanges such as Coinbase is evidently not the way forward.
 
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Coinbase Still Fails to Enable Bitcoin SV Withdrawals

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Coinbase Still Fails to Enable Bitcoin SV Withdrawals

Coinbase is yet to allow its users withdraw their BCH SV since November’s hard fork. Since the highly publicized Bitcoin Cash hard fork, it has been reported that the exchange has not permitted its Bitcoin Cash holders to make Bitcoin SV withdrawals.

Coinbase Still Fails to Enable Bitcoin SV Withdrawals

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Major Exchanges Fail to Prove Their Readiness for ‘Proof of Keys’ Movement

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Major Exchanges Fail to Prove Their Readiness for ‘Proof of Keys’ Movement

In addition to being Bitcoin’s 10th birthday, Jan. 3, 2019 will go down in history as being the crypto world’s inaugural Proof of Keys day.

Major Exchanges Fail to Prove Their Readiness for ‘Proof of Keys’ Movement

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Crypto Giant Coinbase Made Strides In Q4 2018, Even As Bitcoin (BTC) Plunged 40%

Although Coinbase has recently become a controversial company, especially as it began to add crypto assets left and right, the company has long had an unrelenting drive for innovation. Since setting up shop in 2012, the San Francisco-headquartered startup, headed by a former Airbnb employee with visions of grandeur, has quickly set the industry standard in a number of subsectors.
The firm may have started as a consumer-centric exchange, which sported a simple (near-)one-click interface, but Coinbase has evolved far beyond its original premise now. And interestingly, even as digital assets like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) — Coinbase’s lifeblood — continue to lose value, the firm has only doubled-down on its expansion and development efforts.
Related Reading: Only Coinbase, Binance Have 300k+ Users, Fake Volume on Most Crypto Platforms
Coinbase Outperformed The Bitcoin Sell-Off
Recent Giving Pledge signee Brian Armstrong, the fervent, sometimes controversial chief of Coinbase, recently issued a note to his underlings — a swelling group of talent — accentuating the fact that the company has not only survived but thrived in the recent bearish downturn.
The American firm, which now has offices around the globe, started Q4 of 2018 with a bang, securing $300 million in funding from Tiger Global, Y Combinator, A16Z, Polychain Cap, and a number of other crypto-friendly venture groups. This round valued Coinbase at a jaw-dropping $8 billion, making the firm arguably the most valuable company in the entirety of Bitcoin ecosystem.
And since that $300 million cash boost, which was explained to be allocated towards global expansion efforts, institutional services, and applications for crypto, Coinbase has arguably been on the up-and-up. As explained in Armstrong’s letter, released to the public in an evident attempt at transparency, Coinbase launched a number of pertinent products, including support for Circle-backed USD Coin, a revamped version of Earn, PayPal withdrawals, and crypto-to-crypto trading, to only name a few products.
The firm also added a dozen crypto assets to its platform, an evident sign of changing times, with notable additions including ZCash (ZEC), Basic Attention Token (BAT), Maker (MKR), and 0x (ZRX). In a podcast, vice-president Dan Romero explained that firm’s clientele has begun to clamor for crypto asset support, presumably catalyzing the recent listings.
Along with adding the aforementioned tokens and products, Coinbase forayed into six new regions, opening the ground-breaking potential of crypto to millions more. The Coinbase chief also explained that his firm made a number of investments, into organizations such as Alchemy, Securitize, Starkware, Nomics, and Abacus.
Closing the retrospective post, Armstrong made his excitement and gratitude more than apparent when he wrote:
“I continue to be so impressed by the ability of this team to execute on aggressive timelines, all while solving problems that have never been solved before. This was a year of scaling Coinbase up to meet the demand of the market and efficiently executing to serve our customers.”
Great Year Ahead For The Crypto Juggernaut
Interestingly, the firm already seems to have prospects for a great 2019. As reported by NewsBTC earlier today, an apparent survey from Coinbase has polled users on the appeal of a subscription model, which would reduce “maker” and “taker” fees for Pro traders, while offering perks for premium members. If implemented, this program would be the first of its kind in the cryptosphere, and would likely propel the company’s trading platforms to new heights.
Asiff Hirji, president of the fledgling company, recently hinted that 2019 will be a great year for institutional participation in cryptocurrencies. In an interview with CNBC, Hirji explained that Coinbase’s custodial service “has blown by internal goals,” as “hundred of institutions” have boarded onto the platform in recent memory. Seeing that Coinbase has been playing a role in that facet of this industry, it can be assumed that this influx of Wall Street hotshots will trickle down to the company’s growing roster of institutional products.
Zeeshan Feroz, the chief at Coinbase’s U.K. branch, also expressed a similar positive outlook, but from a broader perspective. He said:
“I think you can expect a more aggressive approach to us adding more countries in the coming months. Much of what we’re doing here is driven by customer needs and what we’re seeing in the market… I think if you look at last year, a lot of the focus was on people who bought crypto from an investment point of view and a lot of projects raised a ludicrous amount of money as a result of that.”
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Coinbase Considering Subscription Model, Hints New User Survey

Cryptocurrency exchanges like Coinbase and others drive their revenue through the fees users are charged for the trades or purchases they make.
However, a new user survey being circulated by Coinbase appears to hint at the cryptocurrency powerhouse exploring new fee models, including a subscription model.
Coinbase Survey Polls Users on Potential Subscription Model
Companies frequently send around surveys to their most active and loyal customers, seeking valuable input and feedback that may or may not end up shaping future products or services. This past week, San Francisco-based cryptocurrency giant Coinbase sent around a survey to select customers seeking feedback on a number of questions.
According to the questions asked in the survey, Coinbase appeared particularly interested in changing up its fee structure in order to remain competitive in the ever-changing crypto space. Among the questions, the crypto firm compared their maker and taker fee models against other exchanges, such as Binance, Huobi Pro, Gemini, and more.
Related Reading | Coinbase Exploring Support for 31 More Crypto Assets
However, there was another section of questions where Coinbase focused on gaining user input on potentially switching to a subscription fee model for users. The survey asked how interested a user would be in paying a “modest subscription fee” in exchange for lower “maker” or “taker” fees and other perks.

With a subscription model, a user would likely pay a monthly or annual fee to gain access to lower overall fees and “perks.” The survey didn’t hint at what the potential perks might be. It’s also worth pointing out that survey’s like the one in this example are seeking to gain feedback and may not lead to actual products or changes to services. Should the feedback about the subscription services be overwhelmingly negative, the subscription model may never see the light of day.
Coinbase Pivoting To Better Monetize Active Users?
A recent report from the Blockchain Transparency Institute showed that Coinbase had the highest number of daily active users on its cryptocurrency exchange. The Brian Armstrong-led firm boasted over 100,000 more active users than Binance, and nearly four times as many users as the #3 and #4 spots on the list.
However, despite having such a large amount of active users, each user only contributed a dismal amount of transaction volume.
Related Reading |  Brian Armstrong: 2019 Will be a Great Year for Crypto
Coinbase ranked the lowest by transaction volume out of the four exchanges with over 100,000 daily active users. Each user contributes only $189 in transaction volume, compared to $2,137 per user on Binance.
With cryptocurrency exchanges like Coinbase and Binance generating revenue from fees, which are typically a set percentage of the transaction value, it’s not a surprise to see Coinbase exploring ways to better monetize their large volume of active users.
If Coinbase moved forward with a subscription model, it would allow the firm to charge a set fee to use their services, regardless of transaction volume and value. But again, many ideas mentioned in user surveys don’t end up coming to fruition, so only time will tell if the firm’s executives are satisfied with the feedback and decides to roll out a subscription model.
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Crypto Startups Forked Out $878,000 To White Hats In 2018

Bitcoin may have been dubbed the “world’s most secure transaction settlement layer” by Anthony Pompliano, but the industry surrounding the protocol may not be all too secure. Case in point, crypto startups have forked out over $878,000 in bounty to white hat hackers in 2018, specifically for solving bugs that slipped under the radar.
Crypto Startups Awarded $878,000 To “Goody Two Shoes” Hackers
The Next Web’s Hard Fork column recently reported that over the course of 2018, blockchain firms awarded $878,504 to goody too shoes hackers for rectifying bugs. Block.one, the company behind the crypto juggernaut in EOS, forked out upwards of 60% of the aforementioned sum. Considering that the startup raked in an approximated $4 billion for its EOS token offering, one of the most hyped cryptocurrencies of all-time, it makes sense why Block.one awarded $534,500 to white hats.
Interestingly Coinbase, the seemingly unhackable $8 billion upstart, comes in behind Block.one with $290,381 in paid bounties. But, HackerOne, the cybersecurity platform that compiled the data, didn’t divulge how much of that sum was a result of 2018 bugs, as Coinbase purportedly began its disclosure program in 2014. Justin Sun-headed Tron, which recently surpassed a number of pertinent milestones, has found itself behind Coinbase, allowing white hats to score $76,200.
Yet these quintuple and sextuple figures are edge cases, as a HackerOne spokesperson told Hard Fork that “the average bounty [paid] for blockchain companies in 2018 was $1,490, that is higher than the Q4 platform average of around $900.”
Still Vulnerable 
While many crypto projects talk a big game, the bottom line is that many blockchains and cryptocurrency-friendly startups remain vulnerable. As reported by NewsBTC in early-August, Altex, a lesser-known crypto asset exchange, saw its ARQ stash get looted. The platform claimed that it “lost a big amount,” specifically due to a bug that hails from the Monero codebase.
Just two months later, Pigeoncoin (PGN) fell victim to an odd inflation bug, CVE-2018-17144, that allowed a bad actor to whip up 235 million PGN within a day’s time. Interestingly, the bugged line of code comes from the Bitcoin protocol. The issue has since been patched by Bitcoin Core (the software) developers, but this event still shocked consumers en-masse.
Ground-breaking bugs aren’t limited to the small-cap cryptocurrencies. In July, SlowMist, a Chinese cybersecurity firm, claimed that an anonymous user managed to double spend 694 Tether (USDT). According to SlowMist, a transactor was able to gain credit for 694 USDT on an exchange without sending the funds. Upon digging, it was discovered that the issue was the fault of the victimized exchange. Dacoinminister, a founder of the Omni Protocol, which Tether is based on, wrote:
“It appears that what happened here is that an exchange wasn’t checking the valid flag on transactions. They accepted a transaction with valid=false (which they should not have), and then the second “double spend” transaction had valid=true, which they also accepted.”
Regardless of where this problem originated from, the three aforementioned cases only accentuate the fact that this industry remains nascent. So, this industry’s developers still have a ways to go until crypto is spick and span, and ready for worldwide consumption.
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Coinbase COO Asiff Hirji Signals the Possibility of Surge in Coinbase Coin Listings In 2019

Coinbase’s COO recently appeared on CNBC and said that the exchange will try to list as many meaningful coins as possible in the year to come. Coinbase is the ultimate venue where every coin aspires to be listed and this is a relief for many good projects waiting on the side bench.
200-300 meaningful coins out of total 3000 odd coins
In a very candid interview to CNBC’ Fast Money, Asiff Hirji, COO of one of the world prominent crypto exchange, spilled out the beans on a variety of topics in relations to exchanges outlook for the coming year. One of the prominent points that Hirji touched up was listing of newer coins on the platform. Hirji, who was pretty straightforward in answering, said that the exchange plans to add as many meaningful coins as possible. To quote him, he mentioned,
“The reality is that three or four years back Bitcoin was the only coin that mattered in cryptocurrency and then Ethereum came along. Now we are at a point where there are 3000 or 4000 currencies that are out there and there are probably 200 of those that mattered and you should assume that over the course of time, add all the cryptocurrencies that matter in as many geographies we are allowed to add them”
A similar sentiment was sighted by Coinbase Vice President Dan Romero when he made some statements on Laura Shin’s podcast Unchained that have shed some light on what Coinbase is thinking. Romero cited huge customer demand as the primary factor for adding more coins. He went on to say that “the ability to switch cryptocurrencies is a core piece of functionality in the ecosystem.”
Coinbase cryptocurrency list is increasing at a fast rate
Earlier this month, Coinbase Pro announced that it was launching support for Civic, District0x, Loom Network and Decentraland’s tokens.  After adding support to several new tokens in past few months, the exchange continues to evaluate around 30 ERC 20 prospective assets against its Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with the exchange’s mission of creating an open financial system for the world.
While the listing of coins did cover some part of the interview, Hirji also sounded that institutional investors that have invested in Coinbase looked at the exchange’s development than the price of Bitcoin before investing. He said, for institutional investors, an investment with a long-term horizon will only make money as there is nothing much that cryptos can offer in short term. On being asked regarding the IPO, Hirji mentioned that there is a long way for Coinbase to consider an IPO.
Hirji’s words do provide a ray of hope to a lot of coins and projects out there. But Coinbase will definitely be selective in what it picks up. The coins, aspiring to be on Coinbase, will have to be at their best to find a listing.
Will we see a flurry of listing on Coinbase in 2019 or will it continue to pick only a few of them? Do let us know your views on the same.
 
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Source: CoinGape