Coinbase currently supports eight crypto currencies- BCH, BTC, ETH, LTC, ETC, ZRX, ZEC, and BAT. But it soon plans to complements its existing currency base by over 30 more digital currencies. As per company’s blog post, “Coinbase’s goal is to offer support for all assets that meet our standards and are fully compliant with local law. Over time, we intend to offer our customers access to greater than 90% of all compliant digital assets by market cap.”
One of the main reasons of Coinbase’s aggressive listing policy will be the desire to claim a slice of the trading volume being absorbed by token-rich exchanges such as Binance, which operates 393 markets. Okex has 415 and Huobi has 290 trading pairs. Coinbase made record profits last year, but its financial for 2018 will show a major drop in revenue as market conditions have reduced the appetite among retail investors for crypto currencies such as BTC, ETH, and BCH.
When Coinbase was founded in 2012, it was fairly selective about adding new currencies, but eventually it has changed that strategy. Since last year, the online exchange platform exclusively featured bitcoin, Ethereum, Bitcoin Cash and Litecoin. Earlier this year, however, the company opened up its application process to virtually any company that wanted to join. This year, it added Ethereum Classic, 0x, USD Coin, Basic Attention Token and Zcash.
Earlier this year, the company updated its framework for how it judges whether or not to add a new crypto currency. It lists certain objective factors like security, compliance and other less tangible ones like if a project aligns with Coinbase’s “mission of creating an open financial system for the world.” Hence, all of the 30 crypto currencies still require significant exploratory work from both a technical and compliance standpoint. The company has not guaranteed that all the assets will ultimately be listed for trading.
Following is a list of all the currencies the company is considering: Cardano, Aeternity, Aragon, Bread Wallet, Civic, Dai, district0x, Enjin Coin, EOS, Golem Network, IOST, Kin, Kyber Network, Chainlink, Loom Network, Loopring, Decentraland, Mainframe, Maker, NEO, OmiseGO, Po.et, QuarkChain, Augur, Request Network, Status, Storj, Stellar, XRP, Tezos and Zilliqa.