Crypto

Coibase Announces Plans To Add Five More Tokens

The world’s leading digital currency exchange platform, Coinbase has announced plans to add five more tokens to its trading platform. Some of the new tokens to be added are 0x, Zcash, stellar lumens, basic attention token and cardano. Currently Coinbase offers trade in four different cryptocurrecies.

Closely working with regulators and commercial banks

In a statement, the company, which is based in San Francisco, said that it is closely working with regulators and local banks to facilitate the addition of more investment assets. The company added that the addition of the new assets will require more explanatory work as opposed to the process of addition Ethereum Classic, which follows the same process as that of Ethereum.

The company is responding to customer demand

In the announcement, the company indicated that there has been an increase among users for more tokens. Coinabase says it had kept off the idea for fears that more digital tokens could be deemed securities. This is because it is not licensed by the U.S. Securities and Exchange Commission to trade securities. The announcement is not however an indication that the company does not recognize the five as securities. The company said due to legal limitations, some tokens may be available only in selected countries.

The recent announcement came as a rare surprised as the company is known for not publicly announcing such moves. The announcement came a few weeks after the company had announced support for Ethereum Classic, which is yet to be listed for trading.

Kraken Adds More cryptocurrencies

In what could be seen as response to Coinbase’s move, Robinhood announced that it had added Litecoin and Bitcoin Cash on its trading platform. Kraken announced that it was adding 1600 new coins. This could be far from reality as new assets have to go through a very strict vetting process.

Before being allowed to trade any cryptocurrency, Kraken and Coinbase will be required to strictly and closely work with regulators and state banks so as to secure approval. The move by Coinbase and Kraken has led to divergent options among cryptocurrency enthusiasts on social media. Many have questioned why Coinbase left out Ripple in the list of tokens it wishes to add.