Coinbase has launched a new procedure that is to be followed when listing assets on its platform saying that the main aim of the new procedure was to speed up the whole process so that it is in line with the rest of the exchange’s standards.
Issuers To Fill A Signup Form
The Crypto exchange which is based in an Francisco and currently has Bitcoin, Bitcoin Cash, Litecoin, and Ethereum Classic among its listings has noted through a post on its blog that it has been getting increasingly tougher for it to include all the asset types onto its platform in a way that is secure and compliant to its current listing standards for digital assets.
The solution that the company has come up with going by the post is the listing of assets by the jurisdictions that they are compliant to meaning that there are assets which will be available in certain regions and others that will not.
The issuers of digital assets will have to undergo a simple process where the digital assets will be evaluated before they are listed in the crypto exchange. The first step of the process will be for the issuers to fill out a signup form containing the information about the digital assets which the exchange will then use to compare with its own digital asset framework. This framework is however not final with Coinbase saying that it will be updating it regularly.
The signup form will always be reflective of the digital assets framework version that the Crypto exchange will be using at the time.
Change In The Announcement Procedure
The new listing process will be free for issuers upon its unveiling, however, the Crypto exchange has stated that this might change in the future. Coinbase has said that it will be determining whether or not to impose an application fee depending on the volume of submissions it receives stating that with a larger volume it will need to impose a fee in order to cover the legal and operational costs that will come with evaluation and listing of the digital assets.
The firm went on to add that it may decide to select an asset even without an application being tendered in depending on its own evaluation of the asset. It also said that it will be making an effort to quickly communicate the specific reasons it has decided to either approve or reject a particular asset.
Coinbase anticipates the faster listing of more digital assets through the new listing process. The firm has also changed its procedure of announcing the listings adding that any new assets to be listed will be announced prior to the public launch in all of its products.
Changes Within The Year
So far this year the crypto exchange has listed Ethereum Classic, boosted the daily limits for buy to $25,000 and completely removed the sell limit that was previously in place. The exchange platform has also made it possible for its users to immediately resume trading upon the completion of a purchase transaction.