Dogecoin might finally hit parity with one doge after Coinbase announced they are to add it to their custody service for storage in addition to 36 other assets.
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only, and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading,” Coinbase said.
Their lengthy list (most shown on the featured image) includes some projects that have not even launched yet or their tokens are currently untradable, such as Dfinity.
It also includes XRP, which can finally claim they are on Coinbase although not quite how they would have wanted because Coinbase will only store these assets, rather than offer them for trading.
The listed cryptos are in effect pretty much any crypto with some name, including Bitcoin Gold, with Coinbase seemingly having no quality requirements where it comes to just storing them.
That might, however, potentially be the first step towards eventual listing, although Coinbase says their addition for storage has “no bearing on whether they will be added to other Coinbase products.” Yet, they also say:
“As part of the exploratory process, customers may see public-facing APIs and other signs that we are conducting engineering work to support these assets.”
You might notice that many ERC20 tokens are missing. That’s because Coinbase says the above assets are in addition to ERC20 tokens.
In saying so they link to a previous announcement of their intention to list ERC20 tokens. So it is a bit difficult to read what exactly they plan in regards to the above mentioned cryptos.
Some of them, like Cardano, Zec, Stellar, are being considered for listing. So we can’t guess well by suggesting this might be the ‘no chance to be listed’ crypto list.
It might in fact be the opposite. Except for the three mentioned above, the rest might be on the back-burner.
Perhaps after they do add support for ERC20 tokens, they might be looking to slowly add the above too, including maybe doge.
Now that’s a meme day we look forward to and we’ll definitely cover any party they might have once dogecoin does finally hit doge parity.
On a more serious note, Coinbase’s plan here seems to be basically the crypto Nasdaq. Binance could have given them some heat on that race, but they’re not playing the regulatory card very well. Gemini feels like it has gone to sleep. Bitstamp tried to make some noise recently, but they do appear even more slow than Coinbase.
Circle could be circling Coinbase after their acquisition of Poloniex, but it would probably be a lot of work for dollar pairs to be added to that crypto-to-crypto exchange.
The race for the crypto Nasdaq, however, can be deceiving. There are many exchanges that with a flick can holistically take leading position because Coinbase doesn’t yet have margins or crypto futures.
Yet the Silicon Valley YCombinator alumni is moving fairly fast, but to some expense for user experience which could leave an opening for a competitor if anyone wished to bother.
Of course now with institutional investors moving in, such competitors could be from Wall Street, including established stock exchanges which are now adding crypto trading.
Making this race more of a chess game, with Coinbase so far playing some of the right moves, yet potentially at risk of checkmate at any point.