Coinbase Exchange increased its assets by adding 29 new assets for trading in 2021 alone. After a dull beginning, Coinbase is increasing the assets faster than ever before. Which this move will probably interests many new crypto projects. The company wants to add the plans, the projects and the cryptos assets that are legal. And they are legit in the eyes of law.
Coinbase, which was the first U.S. crypto firm to go public in April. This exchange company added 29 new assets to its circle. The team and the company itself are famous for being an industry leader in many things. Although, adding new assets was historically not one of them.
This was very clear when during the 2017 ICO boom (initial coin offering) when Coinbase only proposed trading of three tokens beyond Bitcoin. While new competitors like Binance emerged that presented dozens of cryptocurrencies. As we said, Coinbase Exchange has a slow start.
Dogecoin Coinbase Exchange
This company, Coinbase Exchange shared its full asset listing history with Decrypt. We can see that it also added DOGE in this month. This happened years after Coinbase employees first offered doing so.
Meantime, Coinbase’s custody division added 74 tokens, crypto assets, to this year, for a total of 134 in total. Compare it to the Coinbase beginning.
The fast addition of new assets is noticeable for several reasons. This is beyond just giving the users more crypto choices. One cause is the so-called “Coinbase effect,”. Which has historically resulted in tokens receiving a large price lift over listing on the company’s exchange. If Coinbase keeps listing at its recent pace. And also if the price boost event insists. Other crypto projects and their founders assured to pull in fat sums.
The increase in new listings is also noticeable for Coinbase itself. Coinbase is really dependent on trading for its incomes.
Leting the company subjected to prolonged downturns in the market. which caused dramatic drops in trading activity. Coinbase’s more different asset base supplys more of a hedge against a future trading slump. Whereas its fast-growing custody business promises a more fixed revenue stream.
“We need to accelerate the process by which we review assets and we add them to the site, because we’re quickly going to be in a world here where there’s so many that we’re not going to be able to keep up,” told Armstrong at the time.