For the month of December, Coinbase issued more than two announcements showing they are holding up well to the fast rate the crypto market and its participants are maturing. The first announcement tells of their continuing exploration for potential digital assets to add and then there is PayPal withdrawals support (which only covers US-based users)
The Potential 31 are (in alphabetical order):
- Aeternity (AE), Cardano (ADA), Augur (REP), and Aragon (ANT),
- Bread Wallet (BRD), ChainLink (LINK), and Civic (CVC),
- Dai (DAI), Decentraland (MANA), and district0x (DNT),
- EnjinCoin (ENJ), EOS (EOS), and Golem Network (GNT),
- IOST (IOST), Kin (KIN), and Kyber Network (KNC),
- Loopring (LRC) and Loom Network (LOOM),
- Mainframe (MFT), Maker (MKR), and Neo (NEO),
- Po.et (POE), OmiseGo (OMG), and QuarkChain (QKC),
- Request Network (REQ), and XRP (XRP),
- Stellar (XLM), Storj (STORJ), and Status (SNT),
- Tezos (XTZ), and Zilliqa (ZIL).
Coinbase is aiming to make their platform the avenue where users can access more than, by market capitalization, 90% of digital assets which are in regulatory compliance. Evaluation is done based on Coinbase’s Digital Asset Framework where aspects of the tokens, such as its compliance, security, and the objective for fostering an open financial system, are considered.
Mixed Responses from the Community
This announcement from the exchange has amassed an assortment of opinion from its general community. Some are speculative and unhappy, whilst some are more hopeful.
Through this potential new coin listings, Coinbase is showing they can be adaptable to the evolving cryptocurrency market, as well as its participants, that is maturing fast. But according to Bitcoin Exchange Guide, this possible move may create consequences in the market.
The ‘Coinbase Effect’, which is termed by the news outlet, where token prices see an upswing when the exchange issues their support for that particular token. This can negatively affect the price of the coin which the exchange decides to reject. Due to this, the exchange could tread on the lines of market manipulation. Another uneasy matter dabbles with insider trading, where the exchange’s employees have advance knowledge on listing and choosing to purchase before any official announcements are made.
PayPal Withdrawal Support
For its 12 days of Christmas Coinbase offers new features, including support for new cryptocurrencies. This event began on 10 December until 21 December.
Coinbase has a new solution making for fast and smooth crypto-to-fiat transactions. On 14 December the exchange announced their Paypal support surprise. Withdrawals can be made by transferring the funds from the Coinbase Wallet to PayPal. Users from the US can connect their Coinbase accounts with their PayPal accounts and click on Paypal as their choice for withdrawals. Withdrawing funds will not incur any fees, according to Coinbase.
The exchange is continuing on to offer new products and implement new support to keep growing together with the market. At the beginning of this month, Coinbase makes known its intention to give users more control over their data management and launched their own over-the-counter trading desk.