Coinbase has announced a new procedure for listing assets with the sole purpose of speeding up the process of listing digital assets that meet the exchange’s standards, per a company blog post. The San Francisco-based company, which currently supports bitcoin and popular altcoins such as bitcoin cash, ethereum classic, and litecoin, says it’s getting tougher to list all the asset types they want in a “secure and compliant way” for digital assets that meet the company’s current listing standards.
The solution, according to the post, is to list assets complaint with local law, in a “jurisdiction-by-jurisdiction manner” — which means some assets might be available in some regions and absent in others.
Issuers will go through a simple process for evaluation of their assets before they are listed on the cryptocurrency exchange. It starts with a signup form for issuers to complete, which contains details of the assets, which the company will then evaluate against its digital asset framework. The framework is, however, not set in stone. Coinbase says it will be updated regularly and the form will always convey the version of the framework that the company is using for evaluation at the time.
The new listing process is free for issuers, but things could change in the near future. Coinbase says the volume of submissions will determine whether it imposes an application fee in the future to “defray the legal and operational costs associated with evaluating and listing new assets.”
The firm continued:
“At our discretion, we may choose to list some assets on the basis of our own evaluation, even in the absence of an application. In other cases, we will attempt to give quick, specific reasons for the approval or rejection of particular assets.”
Coinbase expects to list more digital assets — faster — with the change in the listing process. The company has also altered how it will conduct listing announcements, and it says new assets will now be announced at or near the time of public launch across Coinbase’s products.
Earlier this year, Coinbase added support for ethereum classic. The digital asset platform also raised the daily buy limits for users to $25,000 and eliminated the sell limit. The exchange also began permitting users to begin trading on the platform immediately following a purchase. Previously, users had to wait for the bank transfer to settle before receiving their funds, a process that could take up to five business days.
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Last modified: May 20, 2020 5:58 PM UTC