The largest cryptocurrency exchange platform, Coinbase, is looking to add five more coins, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). “We are exploring the addition of several new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible,” Coinbase writes.
The statement does emphasize multiple times that no decision has been taken yet. Particularly, it states that “unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.”
Concurrently, Coinbase stresses that when it started evaluating these assets for exploration they relied on the criteria mentioned in the Digital Asset Framework. That is when the company realized that it needs additional external evaluation. Coinbase clarifies that the reason why they announced their decision to explore these assets — and not the final news of listing — is because the company wants to be as transparent as possible. The speculation that Coinbase might consider adding coins first appeared in the late June.
Coinbase makes it clear, however, that they do not deem any of these tokens to not be securities. “That legal analysis is ongoing and will vary by jurisdiction. As we only plan to launch assets which are compliant with the local law, some assets may only be available in specific jurisdictions,” Coinbase stresses indirectly referring to the SEC’s recent decision to not classify BTC and Ethereum as securities. At the same time, Ripple’s fate is still hung in the air. Recently, CEO of Ripple, Brad Garlinghouse, argued why XRP is not a security and should be listed on Coinbase and other fiat exchanges.
When deciding in which countries Coinbase will potentially launch these assets the company explains that “Regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to that jurisdiction. In some cases, you should expect certain assets to be available in other jurisdictions before coming to the US.”
This news sparked interest. Brian Kelly, CEO of BKCM LLC, said on “Fast Money” that he wouldn’t be surprised if the prices go up ” 20, 30, 40 percent over the weekend.” He added that he’s “long almost every single one of them” but would probably choose Zcash and 0x first. Previously he also stated that BTC is not dead, but is a worse investment compared to Ethereum.
To find out more about Coinbase’s decision make sure to watch Jeff’s live-stream from yesterday.