One of the largest US based crypto exchange Coinbase has revealed that it is reviewing additional 19 cryptocurrencies for potential listing.
The San Francisco-based crypto exchange has announced that the 19 cryptocurrencies are being reviewed as per its Digital Asset Framework which will determine if they will be listed on its popular trading exchange platform.
The firm revealed that it is reviewing the graph, wbtc, uma, tbtc, theta, reserve rights, flexacoin, paxos gold, helium, ocean protocol, Hedera hashgraph, melon, keva, ampleforth, band protocol, fetch.ai, balancer, and curve.
Coinbase is exploring the addition of 19 new digital assets, some are live, some are not. We will evaluate each against our Digital Asset Framework. It’s our goal to offer support for all assets that meet our standards and are compliant with local law. https://t.co/YY9pbMci66
— Coinbase (@coinbase) July 31, 2020
The firm explained that the review process will check various technical and compliance analysis of the above mentioned cryptos where some of them may need to have regulatory license in various jurisdictions.
The exchange however cautioned that being under review doesn’t mean the cryptocurrency will be guaranteed of an automatic listing. The firm also clarified that those not under review doesn’t disqualify them from potential future listing. The firm stated,
“As per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, subject to applicable review and authorizations. The omission of assets from this publication does not disqualify any such asset from active review and potential listing.”
The firm did not give any timeline on when the review process will be finalized or when the cryptocurrencies can expect to be listed.
As data from CoinMarketCap shows, most of the crypto assets under Coinbase’s review are trading within the green zone which is defined as 2-8%. There are some which have outperformed others like UMA (+10.05), Ocean Protocol (+12.93) and Melon (+17.23%).
Previous support of cryptocurrencies by Coinbase have led to a surge in the value of these coins and tokens. For instance, in June, the exchange’s support for COMP solidified its ranking as a major DeFi token. Similarly, the listing of MakerDAO (MKR) token back in May led to a surge in its prices in major exchanges. However, the ‘Coinbase Effect’ may not always yield a positive effect on the market.