Coinbase to Advance Expansion Plan with Support for Eight New Digital Assets

Coinbase to Advance Expansion Plan with Support for Eight New Digital Assets

According to a post published on the Coinbase blog, the crypto services platform has announced that it is currently making plans to add support for eight new virtual assets.

This, according to the firm, is in line with a goal to give its many users extensive access to the larger part of the entire crypto market. The firm plans to give its customers “access through Coinbase to at least 90% of the aggregate market cap of all digital assets in circulation.”

The eight assets currently under review by Coinbase include Algorand, Cosmos, Dash, Decred, Matic, Harmony, Ontology and Waves.

Coinbase also mentions that users may start to notice certain pointers, like public-facing APIs, to the fact that the firm is doing some engineering work, as it prepares to support these assets.

The announcement, however, includes a disclaimer, explaining that authorization and compliance requirements could possibly prevent eventual support for one or more of the listed assets.

“Our decision to support any asset requires significant technical and compliance review and may be subject to regulatory approval in some jurisdictions. We therefore cannot guarantee whether or when any above-listed asset will be listed on a Coinbase product in any jurisdiction.”

Coinbase also states that it will continue to explore other options for expansion and as time goes on, based on authorization, there will be more assets added for review.

Coinbase Digital Asset Framework

Coinbase has an exhaustive outline – Digital Asset Framework – which it uses to guide its expansion process. Each asset to be considered for support will have to be appraised with the framework, to measure certain factors including compliance, security and how well it agrees with Coinbase’s own mission of financial inclusion.

Back in May, Coinbase officially extended its service to about 50 more countries, further launching support for the USDC in an additional 85 countries as well. This increased the number of countries supported by Coinbase to 103. At the time, the announcement said that the expansion to new jurisdictions sought to “improve the lives of people in countries where inflation is eroding wealth.”

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