In an interview with CNBC Fast Money, Dan Romero, the Vice President of Coinbase Consumer announced that the cryptocurrency exchange is kick-starting a new listing policy to include more coins to its fold. Coinbase currently handles the exchange and trade of five cryptocurrencies namely Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH], Ethereum Classic [ETC] and Litecoin [LTC].
Romero went on to say that the main reason that prompted this new move was the sheer number of user requests to increase the number of digital assets that can be traded on the platform. He stated that the process to increase the cryptocurrency count will comply with the law and that regulators are kept in the loop about it. Coinbase in an official blog post revealed:
“Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner. In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time.”
The company has said that issuers will have to fill an online form with the required details regarding the cryptocurrency that needs to be listed. The details will then be assessed based on Coinbase’s digital framework that includes reviews based on:
- Coinbase Mission and Values
- Legal and Compliance
- Market Supply
- Market Demand
Dan Romero also added that any changes made in the listing process will be global and that the company will be taking a region by region approach with every new asset that is added. The Coinbase official made it clear that the organization holds legislative guidelines in a high regard with ongoing discussions involving regulatory authorities in the United States. Romero added:
“ We are sure that the discussions with the regulatory authorities will be fruitful. All of us are confident that Coinbase will be able to add more cryptocurrencies under the current legal framework in the United States.”
Romero also revealed that the listing is worldwide, with some happening in Europe and the others across the rest of the world. Brian Kelly, the Founder and CEO of BKCM LLC on CNBC’s panel enquired about the competition that Coinbase was facing from other exchanges such as Binance.
Dan reiterated the fact that exchanges everywhere pushing for mass adoption was a good thing and Coinbase will lead from the front. He stated that the customer was king and the addition of multiple cryptocurrencies is something that the user base has been asking for a long time.