Crypto Prices Rise as Coinbase Explores Adding Cardano, BAT, Stellar, Zcash, and 0x
Coinbase Explores Adding ADA, BAT, XLM, ZEC, and 0x
In a blog post today, Coinbase announced the company is exploring the idea of adding Cardano, Basic Attention Token, Stellar, Zcash, and 0x to its platforms. The information was released to the public to remain transparent, as the company is simultaneously releasing this information to their internal team.
Coinbase stressed that this does not mean these crypto assets are guarenteed to be added to the platform:
Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading.
The popular exchange also noted additional factors which could impact how these assets’ are implemented into its services:
Furthermore, 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. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.
Cryptocurrency Price Increases
With Coinbase being one of the most popular cryptocurrency exchanges, particularly for common and institutional investors, prices have historically risen when new assets are announced to be added to its platforms. Last month Unhashed covered Ethereum Classic‘s 20% price surge after news of its addition to Coinbase.
While the cryptocurrencies discussed today aren’t guaranteed to be added, that hasn’t stopped traders from buying into the news. In the last 24 hours, all of these assets have seen dramatic increases in their prices – Cardano ADA (+11.78%), Basic Attention Token BAT (+23.14%), Stellar XLM (+10.85%), Zcash ZEC (+15.26%), 0x ZRX (+26.78%).
Another Blow to Ripple XRP Supporters
Investors and supporters of the cryptocurrency Ripple XRP have long hoped their coin would be added to Coinbase. There have been multiple unsubstantiated rumors of the coin being added in the past, which led to short term price increases.
Despite XRP currently being the 3rd largest cryptocurrency by market cap, today shows Coinbase has no immediate plans to implement it. The blow is especially devastating because Ripple competitor Stellar is potentially being added.
At Stellar’s launch, it was based on the Ripple protocol. Stellar Co-Founder Jed McCaleb was also a co-founder of Ripple and he’s had a heated history with his former project.
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