Coinbase Plans on Introducing Eight New Coins Including Decred, Dash, Algorand, and Cosmos

August 7, 2019 / by Crypto.IQ

Coinbase plans to introduce eight new cryptoassets for platform users, including Cosmos (ATOM), Algorand (ALGO), Decred (DCR), Dash, Matic, Ontology (ONT), Harmony (ONE), and Waves.

However, the firm is planning to add these digital assets on a jurisdiction-by-jurisdiction basis in accordance with the regulatory framework that governs the area of their operation. Besides, Coinbase also plans on adding 90% of all crypto tokens, based on market cap, that are in circulation to the platform.

As of now, Coinbase has listed fourteen different cryptocurrencies which meet compliance, security, and project guidelines according to the “Digital Asset Framework.” These listed coins include Bitcoin (BTC), XRP, Ethereum (ETH), Bitcoin Cash (BCH), EOS, Litecoin (LTC), Stellar (XLM), Ethereum Classic (ETC), Chainlink (LINK), Basic Attention Token (BAT), Zcash (ZEC), Augur (REP), Dai, and Ox (ZRX).

As seen before, almost every time a coin is added on Coinbase it experiences a volume and price upswing after the announcement. This is called the “Coinbase effect.”

Chainlink – a blockchain platform aimed at connecting smart contracts to external sources of data – was one of the latest token additions. The coin experienced a 63% increase in its market value only after 12 hours since its listing on Coinbase. Augur also experienced a 15% increase on April 17th, while EOS showed a 10% surge on May 30th after it was listed with Coinbase. This pattern seems consistent with almost all the coins that are listed on the platform, except XRP.

We don’t know yet which of these digital currencies under scrutiny are going to make it to the Coinbase exchange and which way its price is going to move afterward. Right now, these coins seem to be getting some attention due to today’s announcement. For instance, Harmony took a 20% jump while Matic went up by 18.5%.