The value of certain leading altcoins could receive a welcome boost in 2019 thanks to US online crypto exchange Coinbase. Regarded as one of the largest and most credible exchanges, Coinbase is notorious for taking its time before adding a new coin. Indeed, as noted in our Coinbase review, the platform is now used by upwards of 32 million customers, despite the fact it only lists four digital tokens at the moment: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and, most recently, Bitcoin Cash (BCH).
However, according to a blog post from December 7, Coinbase is now considering adding 30 altcoins, including XRP.
“We are continuing to explore the addition of new assets and will be working with local banks and regulators to add them in as many jurisdictions as possible,” reads the Coinbase blog post.
Coinbase Listing Could Give XRP Another Boost
XRP could receive a boost courtesy of Coinbase.
XRP, which forms the base of Ripple’s cross-border payment technology, has risen up the ranks this year. Thanks to a series of partnerships with major financial institutions such as Santander and American Express, the price of XRP has improved in recent months. Since writing our guide to Ripple, XRP has risen up from fourth in the crypto rankings to second. With news that Coinbase may soon list the token, we expect its position to only get stronger moving through 2019.
In addition to exploring the potential of XRP, Coinbase is weighing up the credentials of Stellar (XLM), Neo (NEO) and Cardano (ADA) against its Digital Asset Framework. Alongside these well-known altcoins, the exchange is also sizing up emerging coins like QuarkChain (QKC), Dai (DAI) and Civic (CVC). However, what the Coinbase team has stressed is that nothing is certain at this stage. Prior to announcing its next potential listings, it reaffirmed that it will only add a token if it complies with local laws. This ties in with the company’s desire to embrace full regulations and, in turn, find a home on Wall Street by setting up an exchange traded fund (ETF).
Coinbase Raising Standards and Prices
To achieve this goal, Coinbase is only prepared to list cryptocurrencies that are stable, have an established base and are in line with currency financial regulations. Although the crypto market is still finding its way with regards to the final point, it’s something Coinbase wants to push. For the exchange, that will further cement its status as the industry leader. The upshot of this is that any digital tokens listed on Coinbase will, by association, be seen as the elite.
For investors looking to trade XRP or any of the other assets Coinbase is assessing, that should lead to price spikes in the coming months. However, for that to happen, insiders, traders and token developers will have to wait for Coinbase to announce which, if any, tokens it will add in 2019.
Featured image source: Pixabay