Coinbase Explores the Potential for Eight More Coins and Tokens
Algorand (ALGO), one of the latest arrivals on the crypto scene, is under a review period for a limited jurisdiction listing on Coinbase.
Coinbase announced a significant expansion of its asset portfolio, as it explores eight new digital assets. Among the new selection, the most notable asset is Algorand (ALGO), a coin which appeared out of nowhere and took exchanges by a storm. The new wave of listings follows the addition of Tezos (XTZ) to Coinbase Pro.
All of the assets have notable features and have lined up among the hottest coins and tokens in the past two years, making use of the unprecedented bull market. Both ALGO and Cosmos (ATOM) achieved the goal of being listed on Binance quite soon after their launch, only based on the merits of the projects.
However, the exploratory period does not guarantee that any of the assets would be offered soon.
The selection also includes Dash (DASH), one of the relatively older coins with adequate liquidity. DASH has received negative feedback in the past, but has not established itself as one of the more active networks. Another older coin that may get added is Decred (DCR), a hybrid network which recently launched a decentralized exchange based on atomic swaps.
Two other selections include platforms that aim to compete with the Ethereum (ETH) protocol - Ontology (ONT) and Waves (WAVES).
A Coinbase listing, however, now has a limited effect on the price of assets. Initially, the small selection on Coinbase meant a listing boosted the price significantly, as in the case of Litecoin (LTC), one of the early assets. The Coinbase listing boosted the LTC position from a few dollars to above $25, and later fed the LTC rally to record prices.
The current listings only have a limited effect on the market price, as altcoins are still under pressure and mainstream interest is relatively low.
Among the selection are two coins that debuted as IEO projects on the Binance exchange. Harmony (ONE) and Matic Network (MATIC) are both high-profile token sales, still with a relatively low price.
Some of the assets may be problematic for US-based customers, as their network structure involves a reward, which may be considered a dividend. ALGO pays out a small staking dividend, while ONT pays out a secondary asset, ONG, for storing coins.