Getting a cryptocurrency listed on Coinbase is not that difficult anymore.
Until just recently, if Coinbase put up a new cryptocurrency, it was seen as a mark of approval and often brought the coin’s price up.
But Americans’ top crypto exchange has changed this policy. Instead of being selective, Coinbase will now list as many cryptocurrencies as it can.
The company’s CEO Brian Armstrong said via Twitter back in June that Coinbase’s target was to have every asset it legally could list.
“Outside our standards (for safety and legality), we do not offer opinion on the value of every asset,” he said.
“We are agnostic on assets, because we support free markets and that customers should have a choice in their crypto economy. This is how we will have the best innovation.”
Coinbase’s change in focus
The reason for the company’s new approach is a simple thing. Investors demand access to a much bigger range of coins, and if Coinbase does not provide it, investors will go to their competitors.
That is why the company says it wants to be the first to give new so called “alt” coins. The idea is to give the site’s customers access to such coins, but not give validation of the coins in question.
Coinbase currently has about 70 currencies in the United States, though they are not all available in all states. Armstrong informed CNBC back in April that his company is looking at listing 100 additional coins.
Armstrong stressed that people should not see a Coinbase listing as being an endorsement of any level. He also pledged that the top crypto exchange would give tools in the future to aid investors in evaluating individual cryptocurrencies.
Coinbase’s fresh direction makes perfect sense from a profit and strategy perspective. But for traders and investors, it has never been more crucial to do your own research. Always ensure you do a lot of googling when investing in a new alt coin. And remember to seek out skeptics who can give you a broader look at the value of a cryptocurrency. This is an industry with many shady figures looking to lie to investors to increase their own portfolios.
Author: Steven Sinclaire