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.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.