Coinbase Exploratory List Vs. Actual Cryptocurrency Listing
Before 2018, Coinbase supported six cryptocurrencies including Bitcoin. Things changed at the exchange after the 2017 crypto bubble as it opened its gateways for more altcoin adoption.
|Coinbase Listing Before 2018|
Coinbase has announced 97 cryptocurrencies for tentative listing, out of which only 24 have been listed. Moreover, 5 of them were only made available to Coinbase pro-customers. The first announcement was made in the third quarter of 2018, post the bubble in cryptocurrencies. The list of supported cryptocurrencies on Coinbase can be found here.
Hence, in all, Coinbase customers with some geographic constraints can trade in about 24 altcoins and Bitcoin.
Note: Cardano mentioned multiple times in the exploration list but has not made the cut to the exchange yet.
On average, there is a one in four chance of a cryptocurrency being actually listed from an announcement. However, the data for 7th December 2018 stands as an outlier. It was the most significant announcement for new listings. Not only Coinbase announced the most number of cryptocurrencies for consideration but also listed a major percentage of those coins.
Furthermore, the 5 cryptocurrencies listed on Coinbase Pro were also announced on 7th December 2019.
In the last two years, it has listed only 5 cryptocurrencies out of a total of 43 explorations. On 31st July, it added 19 more to its list.
Coinbase and DeFi
Currently, it lists only COMP and MarkerDAO (MRK) on its platform. There are many DeFi tokens which have been put on the tentative list announced in the last two months. They are Aave, Bancor, Synthetix, Ampleforth, Balancer, and Curve. The surge in DeFi market along with the Coinbase Effect some of these projects stand to gain a lot from listing in the near future.
Apart from these, the stablecoin market is also a focus area (tBTC, wBTC). The DeFi markets have developed innovative designs to back the value of a stablecoin and earn interest from it.
Paxos Gold, for one, seems like one of the most compliant token backing a physical commodity. The decision for listing will, however, be based on many other factors, including governance, transparency, liquidity, legitimacy, regulatory compliances and so on.