Coinbase has consistently been one of the top cryptocurrency exchanges in terms of selection. It offers dozens of different cryptocurrencies, and it’s proactive about adding new ones.
As of August 11, there are five new additions to the Coinbase exchange. For the time being, they’re only available on Coinbase Pro, so you’ll need to trade on that platform. Any Coinbase user can access Coinbase Pro with the same login information they use for Coinbase.
Here’s a closer look at the five cryptocurrencies Coinbase has added to its roster.
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1. IoTeX
IoTeX (IOTX) is the native cryptocurrency token for the IoTeX blockchain platform. Its mission is tied to the Internet of things (IoT), the term used to describe the growing number of smart devices, such as security cameras, drones, and wearable fitness trackers.
The IoTeX blockchain platform is designed to connect these types of smart devices to decentralized applications. This would enable users to be in full control of their devices and data. According to the IoTeX website, there are currently over 6,900 devices using its blockchain.
The IOTX token is a governance token. As a token holder, you can stake your IOTX to participate in network-wide votes. Staking also allows you to earn interest on your holdings.
2. Orion Protocol
Orion Protocol has an ambitious goal of aggregating the liquidity of the entire crypto market in one decentralized platform. That includes all centralized and decentralized exchanges. Users of Orion can access prices from multiple exchanges for any supported cryptocurrency, allowing them to get the best available price.
Powering the platform is a token of the same name, Orion Protocol (ORN). ORN tokens are used across the entire protocol, and there are currently 18 different revenue streams for token holders. Revenue streams include a percentage of trading fees, a percentage of interest on margin trading, and an Orion lending program.
3. Quickswap
Quickswap is a decentralized exchange. It’s a fork of the popular Uniswap exchange, meaning it was created based on Uniswap’s code. One key difference is that Uniswap runs on Ethereum, whereas Quickswap runs on the Polygon Network, which currently offers faster transactions with lower fees.
The Quickswap (QUICK) token is another governance token that gives holders voting rights on the project. It can also be staked, and if you do, you receive a percentage of Quickswap’s trading fees.
4. Tribe
Tribe (TRIBE) is the governance token for Fei Protocol, which issues a stablecoin for decentralized finance (DeFi) users. Its stablecoin, FEI, is pegged to the U.S. dollar and is designed to solve what its team considers faults of other stablecoins — namely, that many are centrally controlled and others have scalability issues.
Since TRIBE is used for governance, token holders are able to vote on Fei Protocol changes and the monetary policy of FEI.
5. Terra USD
Terra USD (UST) is a stablecoin pegged to the U.S. dollar. It’s one of several stablecoins issued through the Terra blockchain protocol, which also offers stablecoins tied to the South Korean won and the Euro, among other currencies.
The native token for Terra is called Terra (LUNA). In addition to being a governance token, it’s also used to maintain the prices of Terra’s stablecoins. LUNA tokens can be converted to Terra’s stablecoins, and vice versa, to increase or decrease the stablecoin supply.
Since UST is a stablecoin, it typically wouldn’t make sense to buy as a cryptocurrency investment. However, Terra is currently offering an interest rate of about 20% on UST deposits made to its Anchor protocol. Anchor is Terra’s version of a crypto savings account.
If you’re interested in altcoins to watch or possibly purchase, check out the new cryptos on Coinbase. They’re all interesting projects with their fair share of investors. Just keep in mind that a Coinbase listing alone doesn’t make a crypto worth buying. Spend some time learning about the cryptos that stood out to you to see if you want to invest.
