Coinbase to ‘Explore Support’ for Over 30 Altcoins; XRP, Cardano, EOS, NEO & More

Coinbase has announced plans to ‘explore support’ for over thirty cryptocurrencies, with major altcoins such as XRP, EOS, Cardano and Stellar up for consideration.

Just yesterday Coinbase Pro surprised everyone by suddenly accepting inbound transfers of four new ERC-20 tokens: Loom Network (LOOM), Civic (CVC), districtOx (DNT) and Decentraland (MANA).

Coinbase Gets Alt-Happy

The addition of those four tokens leaves twenty-seven coins remaining out of Coinbase’s list, published yesterday. According to the announcement, the following batch of coins and tokens are currently being explored:

“Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Dai (DAI), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL).”

Caveats

Such news will be a boon to bag-holders everywhere, assuming they’re still in the game. However, the announcement does come with a caveat or two:

“Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading.”

With that said, Coinbase has shown itself to be one of the more cautious cryptocurrency exchanges over the years, and the team don’t tend to make many calls that they can’t back up. As many of these coins have already started to pump following the announcement, it’s more than likely that the exchange is fairly confident that the listings will go ahead as planned.

Coinbase stated the possibility that not all of the assets may get the same level of exposure on the platform, owing to technical and legal difficulties:

“…our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. Finally, as per our listing process, we will add new assets on a jurisdiction-by-jurisdiction basis, which allows us to add assets efficiently and responsibly.”

Market Effects

Every coin mentioned felt some kind of price volatility yesterday, even the stable coin Dai (DAI). Tezos (XTZ), Quarkchain (QKC), Aeternity (AE) and OmiseGo (OMG) were all leading the front page of CoinMarketCap on Saturday morning, surging to between 15-20% gains overnight.

Many of the other coins mentioned also attempted upswings, such as NEO and EOS, but were halted by the movement of the broader market.

The four ERC-20 tokens added to Coinbase Pro yesterday experienced between 20-50% gains within a matter of minutes, however they couldn’t be sustained and ultimately pulled back by large margins.

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