Coinbase, a particularly popular cryptocurrency exchange, has recently announced that they are looking into adding five new cryptocurrencies to their platform. After facing a fiasco with Bitcoin Cash last year, the company seems to be announcing its upcoming new cryptocurrencies additions to the public early. They are sharing details about their new additions to avoid a recurrence of the lawsuits and events that occurred in December 2017.
Coinbase’s Explosive Growth
Coinbase saw massive growth last year. In January 2017, the platform had just over 400,000 registered users. In only 11 months, the platform exploded, and they ended up reporting a total of 4.3 million users by December 2017. Coinbase is indeed no longer new to the world, as they initially launched back in 2012, just three years after Bitcoin was announced. Today, Coinbase has more than 20 million registered users, and over $150 billion worth of cryptocurrencies have been traded on their platform.
Although Coinbase has millions of users, these individuals have always been faced with one particular problem when it comes to using Coinbase – the limited number of cryptocurrencies available on the platform. Luckily, this is becoming less of an issue. While the platform initially provided their users the ability to buy, sell and trade with Bitcoin alone, they have recently added other cryptocurrencies to the mix, including Ethereum, Bitcoin Cash and a more recent announcement of Ethereum Classic.
Coinbase May Add More Cryptocurrencies Soon
On the 13th of June 2018, Coinbase published a press release that caused a wave of mixed reactions among the platform’s current database of users. The company announced that they are currently considering the addition of five new cryptocurrencies to their platform. Coinbase has not yet released any details about when they may be adding these new cryptocurrencies, however.
Which cryptocurrencies will make it to the platform is also under question. The company has announced that they do not guarantee the addition of all announced cryptocurrencies, as there are a lot of factors involved when it comes to the addition of these crypto coins to their existing offerings on the platform. Moreover, the company also announced that some of these crypto coins might become available first in countries other than the United States, before becoming available for users in the U.S.
The five additional coins the company is now considering adding to the trading platform include:
There are no details on why the company has decided on these five crypto coins in particular, but we expect further details to be released by Coinbase in the near future. The company did promise the users transparency, announcing that customers will be kept updated on any movements and that the implementation of these new coins will be announced on time to ensure all existing users are aware of the time token sales is due to start.
The Coinbase Bitcoin Cash Fiasco
The announcement of Coinbase’s plans to implement additional cryptocurrencies into their platform came only a while after the company faced a lawsuit due to their prior movements to adopt the Bitcoin Cash cryptocurrency.
In December 2017, the company introduced Bitcoin Cash to their customers. Soon after, the company faced a lawsuit and was accused of announcing “artificially inflated prices” to its customers. This led to significant losses on the side of the customers who had quickly jumped at the opportunity upon the announcement of Bitcoin Cash being available on the Coinbase platform.
The early announcement of Coinbase’s plans to add five new cryptocurrencies to their platform is thought to be the company’s move to avoid the fiascos and lawsuits that happened before with Bitcoin Cash.