Coinbase Considering Adding 31 Coins to its Platform

The exchange operator says all coins have to go through a lengthy internal compliance process

Cryptocurrency exchange Coinbase announced on Friday that it is mulling over a number of new digital assets that it may bring to its exchange. Famous coins on the exchange operator’s list include XRP and KIN.

Back in September, the San Francisco-headquartered company said that it plans to bring over 90 percent of compliant cryptocurrencies on to its platform in the future.

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Compliant cryptocurrency may sound like an oxymoron but, in its statement, Coinbase meant compliant with its own policies.

In effect, the exchange operator has two compliance policies.

Firstly, any currency that Coinbase lists cannot be considered a security by the Securities and Exchange Commission (SEC).

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Secondly, the prospective currency must not interfere with the exchange operator’s ability to meet its own compliance standards – including anti-money laundering procedures and regulatory licensing requirements.

Compliance Coinbase style

Friday’s statement indicates that the exchange operator is considering adding 31 different cryptocurrencies to its platform. These can be seen in the image below.

The cryptocurrencies that Coinbase is considering adding to its platform
The cryptocurrencies that Coinbase is considering adding to its platform (Source: Coinbase)

Coinbase did emphasize that there is still a chance that many of the cryptocurrencies listed in the above image will never be a part of its platform.

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

On top of this, some of the cryptocurrencies may only be available for buying and selling. Coinbase said that it might not be able to adopt send and receive wallet features for all of the coins it does bring on to its platform.

Finally, the company noted that not all of the cryptocurrencies would be available to everyone around the globe immediately. Each cryptocurrency that is adopted will be rolled out on a “jurisdiction-by-jurisdiction” basis.

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