Coinbase has just revealed a list of 37 additional cryptocurrencies that it’s considering to add to its ongoing list of coins. Some of them include XRP, EOS, NEO, Stellar, Cardano, Monero, VeChain, QTUM, Zcash, and Dogecoin.
If Coinbase were to adopt any coin, investors would likely buy and HODL in order to ride the wave. The fact that a coin is added to Coinbase Custody doesn’t mean it’ll always trend upward, but it gives the opportunity for large investors (whales) to buy and hold large amounts of tokens. This will then bring the rest of the speculators on board which will pump up the value of the coin whether or not it deserves it fundamentally in its own right.
Some of the tokens on the list are already doing well in terms of popularity and trading volume even without the exposure to the possibility of being added to Coinbase, such as XRP, EOS, VeChain, and Dogecoin. Coinbase also said that it may add a unspecified number of ERC20 tokens. Being added to Coinbase will gain plenty of exposure as the coin makes headlines and offers itself to investors who use Conibase Custody.
The selected coins will be added to Coinbase Custody, which is a custodial service for institutional investors with large sums of investment capital. It’s built around investors to store huge volumes of cryptocurrency. Any crypto added on their program have an influence on whether or not they’ll also be added to other Coinbase programs.
Their official info page states the following:
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible.
At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.”
Official updates will be released on Twitter.
Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.
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