Coinbase, which is notorious for being picky over which cryptocurrencies it requires to be included, has agreed to broaden its horizons, eventually taking in an influx of new revenue.
The leading U.S. exchange would mention meme-based cryptocurrency Dogecoin in the next six to eight weeks as part of the latest strategy.
This year, Coinbase stood on the sidelines while rival exchanges raked in millions of dollars in fees from trade-in dogecoin, a cryptocurrency that began as a prank and has since grown in popularity.
Coinbase Joins the DOGE Party
Coinbase CEO Brian Armstrong said on the company’s Q1 earnings call that the company is changing the mechanism for listing coins to incorporate newly minted digital currencies.
In the future, the firm will begin listing “debut” coins or bitcoins, which have just been minted and are experiencing their first day of trading value.
Currently, the firm assesses cryptocurrencies depending on the digital asset’s protection and whether or not they should be classified as a security.
This is the first time the exchange’s executives have stated that coins with low volume would be included. CEO Brian Armstrong said, “We’re going to have to do something in the future–be the first to mention a few of these coins.”
Coinbase, the largest cryptocurrency exchange in the United States currently trades Bitcoin and Ethereum, the two most common currencies, as well as more than 100 other alternate coins, however, it hasn’t added any of the tokens that have gained traction in recent weeks.
Since receiving backing from the likes of Elon Musk and Mark Cuban, Dogecoin has risen to a market capitalization of more than $50 billion.
The prevalence of altcoins, such as Dogecoin and Binance Coin, is an obstacle, according to Coinbase, because rivals accept them while Coinbase does not. Trading activity has been very high in some markets recently, indicating that prospective buyers have either abandoned or established accounts on other exchanges where they can trade.
The exchange already has a backlog of assets to process, and it’s trying to speed up its coin listing process, according to Armstrong.
“We’re going to have to do this in the future–be the first to list a number of these coins,” CEO Brian Armstrong said.
Coinbase in a Nutshell
Coinbase is a cryptocurrency platform located in the United States. After its inception in 2012, the exchange has offered the ability to purchase and sell various forms of cryptocurrencies such as bitcoin and ethereum. The company has made over $540 million in acquisitions of its own.
Coinbase is a Bitcoin exchange located in San Francisco, California, United States. In addition to accepting standard fiat currencies in 32 countries, the provider can provide facilities for managing Bitcoin, Bitcoin Gold, Ethereum, and Tezos in 190+ countries, as well as Bitcoin storage in 190+ places.