Coinbase’s Bold Move

Today, Coinbase stepped into the spotlight, not with a DJ drop or high-fived celebrity endorsement—but with major crypto news! The platform is exploring support for eight new digital assets in an effort to bring its total portfolio closer to a staggering 90% of the market capitalization of all digital currencies.

Name That Coin!

In its official blog post dated August 5, Coinbase revealed the contenders that might soon join its lineup. The names rolling off its tongue include:

• Algorand (ALGO)
• Cosmos (ATOM)
• Dash (DASH)
• Decred (DCR)
• Matic (MATIC)
• Harmony (ONE)
• Ontology (ONT)
• Waves (WAVES)

Dash and Cosmos are not just crypto wallpaper—they currently rank as the 15th and 20th largest coins by market cap, respectively. So, we’re not just talking about any old altcoins here.

Engineering and APIs

What’s interesting is Coinbase’s approach to this exploratory phase. They hinted that we might get a peek behind the curtain with public-facing APIs and other engineering signals. This is not just tech talk; it’s what savvy investors and developers are keen to see!

No Guarantees Yet!

However, in true fashion, there’s a disclaimer party happening. Coinbase made it clear that just because they’re making a list doesn’t mean they’re checking it twice. Support for these assets isn’t guaranteed across every jurisdiction, and hey, they may even throw in other unexpected guests down the line.

Going Global

With the ambitions of supporting 90% of the digital assets’ aggregate market cap, Coinbase is not just shooting for stars—they’re going cosmic! Their Digital Asset Framework assesses potential additions based on critical factors like security and compliance. This methodical approach is essential in a space as wild as crypto.

Stablecoins and Inflation Protection

In March, Coinbase expanded to 50 new jurisdictions and sparked excitement by adding USDC trading to 85 countries. They cheekily noted in their announcement, “Stablecoins are beneficial to anyone who trades crypto, but also have the potential to materially improve the lives of people in countries where inflation erodes wealth.” So take note, Argentina and Uzbekistan; inflation is no match for stablecoins!