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No New Crypto: Coinbase Squashes Exchange Listing Rumors
In a blog post, Coinbase announced it would not be adding any new tokens to its exchange, putting to rest rumors that XRP was a candidate for listing.
By Nikhilesh De
Updated Sep 13, 2021, 7:20 a.m. Published Jan 4, 2018, 10:30 p.m.
Coinbase announced Thursday afternoon that, for now, it would not be adding any new cryptocurrencies to either its flagship platform or its other digital asset exchange, GDAX.
In a blog post, the company, which currently allows customers to buy, sell, deposit or withdraw bitcoin, litecoin, ethereum, and most recently, bitcoin cash, said it wanted to explain its process for adding new assets.
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The post cited last year’s Digital Asset Framework announcement, where GDAX outlined the criteria it would follow when considering whether to add a new token or coin to its exchange. The company then stated:
“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
The update follows rumors that the exchange would add Ripple’s XRP token, and marks the first statement Coinbase made on the matter.
Over the last few weeks, XRP has been on a run, hitting an all-time high of $3.84 on Thursday, according to data site CoinMarketCap. Just three weeks ago the token was trading for less than a dollar.
XRP fell on Thursday to $3.52 at press time, but maintains its position as the world’s second-largest cryptocurrency by market cap.
Deflated ball image via Shutterstock
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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