Coinbase said that the Digital Asset Hub will streamline the process of onboarding and listing new cryptocurrencies. However, it will ensure robust evaluation through Coinbase’s legal, compliance, and security requirements.
One of the world’s largest cryptocurrency exchanges Coinbase has recently announced a new platform dubbed ‘Asset Hub’ on Thursday, January 14. This new platform will allow token issuers to list their new cryptocurrencies on Coinbase, easily and efficiently.
Coinbase is introducing Asset Hub — a simple, streamlined product for issuers to list their assets and do business with Coinbase. Read more about Coinbase Asset Hub here: https://t.co/NOSAv8R0Lz
— Coinbase (@coinbase) January 14, 2021
Coinbase said that the Asset Hub platform opens up the doors for crypto token issuers. It will also remove all the barriers to entry making the process hassle-free. In the official blog post, Coinbase CTO Surojit Chatterjee stated:
“Asset Hub will streamline the asset listing process today, and expand the number of services offered to digital asset issuers in the months to come. The goal is a single interface at Coinbase for digital asset issuers to manage the full lifecycle of their assets”.
However, Coinbase has ensured that it will undergo a robust evaluation before getting any new cryptocurrency on its platform. Every new asset has to go through Coinbase’s legal, compliance, and security requirements.
“Issuers may be subject to regulatory approval in some jurisdictions and we, therefore, cannot guarantee whether or when an asset will be approved,” said the exchange. Currently, the Coinbase trading platform supports 40 different crypto assets. On the other hand, its custodial service Coinbase Custody supports over 90 different crypto assets.
May in the crypto industry Coinbase as the gold standard for cryptocurrency listing. It is one of the most popular platforms with over $320 billion in total volume traded.
Expanding Its Reach in the Crypto Economy
Over the years, Coinbase has been building products and services that cater to different participants within the crypto economy. Before the Asset Hub, Coinbase already released Rosetta, its open-source technical framework for asset listings. Speaking to CoinDesk, Coinbase Senior Product Manager John Zettler said:
“The unifying theme between Rosetta and Asset Hub is that these products both support issuers. We appreciate that the growth of the cryptoeconomy depends on the success of digital asset issuers, and we are committed to supporting issuers every way we can.”
Having a strong foothold in the market, Coinbase is looking to go public this year in 2021. Last month, the crypto trading platform filed for an IPO with the US SEC. The company’s estimated valuations stand around $28 billion. Coinbase is reportedly working with Wall Street banking giant Goldman Sachs for the IPO.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.