The San Francisco-based company who believes security as their top-most priority is making changes to its policies which is more “secure and compliant way” for digital assets that meet the company’s current listing standards. Hence provide a competitive edge to other exchanges on a global market.
Currently, the Coinbase exchange is supporting Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin along with a various new addition to its assets such as coins, tokens, forks, stablecoins, and collectibles.
The proposed solution will help in meeting customers demands by listing the assets which are compliant with local jurisdiction law. In short few assets will be available for some regions and unavailable for others.
The process outlined in an official blog post states that issuers will go through a simple asset evaluation procedure before they are listed on the cryptocurrency exchange. Also, the signup form submitted by issuers should be compliant with the company’s asset framework. This framework is however subjected to regular revisions but version against which it is verified will be specified at the time of evaluation.
As of now, this listing process is free but in future, based on the volume of submissions an application fee might be imposed and it further explains that,
“At our discretion, we may choose to list some assets on the basis of our own evaluation, even in the absence of an application. In other cases, we will attempt to give quick, specific reasons for the approval or rejection of particular assets”
In an interview, the vice president and general manager of Coinbase Consumer, Dan Romero explained the impact this change might have and stated that,
There are some really high-quality, global exchanges that you’re going to see in the coming months, as we add more assets, we are going to be more competitive with [..] Ultimately volumes are going to take care of themselves
Altogether, these changes will pave for an open financial system for Coinbase ecosystem. Also, this new listing process will enable the addition of assets in a faster manner which abides by the local regulatory framework.
What do you think of this change by Coinbase? Will it be a gamechanger in the crypto ecosystem? Share your thoughts in the comment section below.
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