Coinbase, a leading cryptocurrency exchange in the United States, announced that it is planning to roll out support for new cryptocurrencies. The team is notably reviewing each crypto-asset based on different factors.
As per the official list released, users of Ampleforth, UMA, Band Protocol, THETA, Balancer, The Graph, Blockstack, tBTC, Curve, Paxos Gold, Fetch.ai, Reserve Rights, Flexacoin, Ocean Protocol, Hedera Hashgraph, WBTC, Melon, and Cava might soon be able to use Coinbase in their crypto dealings.
In total, 19 cryptocurrencies are currently undergoing Coinbase’s extensive review and analysis. Notably, aside from the existing processes in place, the company takes into consideration the regulations in different regions as well. Coinbase also clarified that even if a digital asset is on the list, it doesn’t mean that it will be automatically listed to its platform. However, even if an asset has been disqualified, it will still be a potential candidate for further review in the future.
According to experts, most crypto-assets in Coinbase’s list trade in the green zone, falling in between 2 to 8%. Melon, Ocean Protocol, and UMA are notably three of the best performing with the following trading performances — (+17.23%), (+12.93%), and (+10.05%). CoinMarketCap has provided the data.
Being considered as a potential Coinbase asset alone is an achievement enough. Previous records show that once listed on Coinbase, the asset’s price notably shots upward. This surge has been coined in the crypto industry as the Coinbase Effect.