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The Coinbase exchange announced a change in its approach to listing: now the platform will publish an open list of applicant cryptocurrencies in advance.
As part of an effort to increase transparency we want to communicate the assets under consideration for listing in Q2 2022 (April 1st, 2022 to June 30th, 2022). Changes to our roadmap will be updated on this blog post regularly https://t.co/zu1IBdrD7X pic.twitter.com/cBRYe47E2m
— Coinbase Assets (@CoinbaseAssets) April 11, 2022
The company explained that this step is needed to “increase information symmetry” and ensure more fair conditions in the cryptocurrency market.
In the crypto community, a pattern known as the “Coinbase effect” has become widely known: the price of a crypto asset rises sharply after listing on the exchange. This may provide an additional advantage to insiders who are aware of the upcoming procedure.
“Coinbase Effect” – Holy Grail or Trap for Cryptocurrency Traders
The Coinbase administration has posted a list of 50 projects, the listing of which can take place until June 30th. It includes 45 ERC-20 tokens and 5 assets from the Solana ecosystem. Among them are Binance USD, the third largest stablecoin in terms of supply with a capitalization of more than $17.8 billion, as well as the token of the large BitDAO project.
The prices of some assets from the list have risen significantly since the publication of Coinbase. At the time of writing, the value of the DappRadar token has increased by more than 30% over the past 24 hours, according to CoinGecko.
Binance USD (BUSD) price chart. Data: Coingecko.
Apricot Finance on the Solana blockchain increased in price by 21% to $0.029.
Apricot Finance (APT) price chart. Data: Coin Market Cap.
In the summer of 2021, the head of the exchange, Brian Armstrong, said that the platform plans to add support for all legally allowed cryptocurrencies over time.
Earlier today, Coinbase announced plans to release an NFT series from the Bored Ape Yacht Club collection.