Coinbase Explores Support for 8 Altcoins, Including Ontology, Waves, Dash

Coinbase announced it would be exploring support for 8 new altcoins on Monday. Up for consideration are a varied selection of cryptocurrencies, including Dash, Ontology, Waves and more.

Coinbase Explores Altcoins

As per Monday night’s blog post by the global cryptocurrency exchange, 8 new altcoins are being considered for a listing. From the blog:

“Today we’re announcing that we are exploring the addition of a range of new assets… These new assets include, in alphabetical order: Algorand, Cosmos, Dash, Decred, Matic, Harmony, Ontology, and Waves.”

As always, state and national regulatory laws will have a say in which areas are exposed to the new listees first. Coinbase notes:

“Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions. We therefore cannot guarantee whether or when any above-listed asset will be listed on a Coinbase product in any jurisdiction.”

Of particular interest is the huge variety between these altcoins. Dash has been around since 2014, and targets the niche of instant cryptocurrency payments with the choice of optional privacy. On the other hand we have Ontology – a product of 2017-2018’s ICO boom, which specializes in building blockchain infrastructure for various use-case scenarios.

Readers may remember Cosmos from its Binance listing back in April. As is often the case with Binance, Cosmos’ trade volume upon entering the exchange raised a few eyebrows to say the least.

Changpeng Zhao (CZ) of Binance tweeted at the time:

“Here is a project that refused to even talk to an exchange about listing (and we have a good relationship with their tech guys), but we list it anyway. Good tech wins!”

Altcoins React?

Out of all the coins mentioned, Decred (DCR) was the only one in the green by Tuesday, as the altcoin market took a hit following Bitcoin’s drop from its brief peak at $12,275.

Two of the more well-known alts on the list – Ontology and Waves, are already down by over 50% in the past month or so. Although, the same can be said for the majority of the altcoin market.

Coinbase goes on to state boldly that it intends to list at least 90% of the aggregate cryptocurrency market cap. The blog states:

“Over time we expect our customers around the world will have access through Coinbase to at least 90% of the aggregate market cap of all digital assets in circulation.”

That statement is probably just typical marketing hype. The Digital Asset Framework checklist used by Coinbase to assess cryptocurrencies couldn’t possibly be passed by 90% of the digital assets out there. That would be like saying 90% of all of America’s business would make it to the NASDAQ or Dow.The Digital Asset Framework makes certain demands of projects and their teams which a majority of the altcoin market is unlikely to meet.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.