Coinbase has updated its policy for adding more cryptocurrencies, replacing the ad hoc process with one they intend to rapidly expand the number of currencies available on the platform.
An online form for evaluation has been provided to allow practically anyone to submit a new asset under the company's digital asset framework. Those meeting the criteria can be listed, but may not be available to Coinbase customers immediately.
"Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner."
New cryptocurrencies will be added on a jurisdiction-by-jurisdiction basis, counter to supporting all assets globally as Coinbase has done previously. This means some coins will not be available to trade in locations where the legality is in question or where they are forbidden by regulations.
This new process will welcome crypto development teams giving them a new level of exposure.
Coinbase will charge an application fee plus an additional fee to list approved assets. The amounts for the fees have not been disclosed.
Other cryptocurrencies such as ADA, ZCash, and Stellar Lumens are still being evaluated by Coinbase. There are still regulatory and technical consideratons for adding an asset, but the main focus will be market demand.