Coinbase has released the names of 50 potential projects that are to be listed on the platform this year
The crypto space is known for its transparency while holding privacy. Major companies and firms in the industry try to keep following the intentions anyhow and take initiatives regarding this from time to time. The largest cryptocurrency exchange in the US, Coinbase, has announced a long list of digital assets, tokens and coins that the platform could add to potential listing by the second quarter of this year. Such a step is considered to be a step toward increasing transparency.
In a blogpost from Coinbase on 12th April, the exchange mentioned a list of under consideration tokens. Also, it noted other tokens that are under consideration but not specifically mentioned on the list. The list included about 45 ERC-20 tokens based on the Ethereum network and five based on Solana network SPL tokens.
These tokens in the list consist of some tokens having relatively large market capitalizations, such as the third-largest stablecoin in the crypto market, Binance USD (BUSD), one of the largest decentralized autonomous organization or DAO projects, BitDAO (BIT) that has a market cap of around $1 billion at present and many more.
Coinbase stated that doing this is an effort to take a new approach toward listing tokens that would provide possible information symmetry. The proposed information symmetry focused on promoting fairness and efficiency in the market. This approach is also assumed to reduce the chances of creating a pump and dump scenario on the listing. The retail traders and crypto enthusiasts, despite having little knowledge, can do their research on the related token and act to mitigate the risk and evaluate accordingly.
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The Crypto space has many such listings where both centralized and decentralized exchanges have witnessed such incidents, and Coinbase also has its share. The project named OMG network (OMG) pumped up to 200% within 15 minutes after being listed on Coinbase but eventually crashed a few moments later.
The listing can also help some significant but not so popular projects to have some spotlight and exposure to the mainstream market. A comparatively small data tokenizer decentralized finance platform Big Data Protocol (BDP), having a market cap of $3.3 million, showed delight in the decision and appreciated Coinbase’s looking at potentially being listed.
Source: https://www.thecoinrepublic.com/2022/04/12/why-did-coinbase-decide-to-showcase-its-potential-listing-in-2022/