Bring on the altcoin spring.
Cryptocurrency exchange Coinbase teased an opening of the shitcoin floodgates today with an announcement that it will allow issuers of obscure altcoins, tokens, and even digital collectables like CryptoKitties to officially apply to be listed on its exchange.
At present, Coinbase only lists a few cryptocurrencies — bitcoin, bitcoin cash, ether, ethereum classic, and litecoin — that are for the most part generally considered to be not a scam. According to a company blog post, that is all about to change.
“Today we’re announcing a new process that will allow us to rapidly list most digital assets that are compliant with local law, by satisfying listing requests in a jurisdiction-by-jurisdiction manner,” reads the blog post. “The new process begins with a form for issuers to submit assets for listing at Coinbase, which we will evaluate against our digital asset framework.”
Of course, Coinbase may not accept your application. But hey, when has the almost certainty of failure stopped anyone in the cryptocurrency space?
Notably, the application form doesn’t appear to be limited to issuers (“Lead Developer or Founder”). “Major Investor (>$1M invested)” is also an option for your “position with this project” when filling out the form, as is “Executive or Employee.”
“[There] are now thousands of digital assets of all types, including coins, tokens, forks, stablecoins, and collectibles,” notes Coinbase’s post. “One of our top customer requests is to add support for these new assets, and we have been determining how to do this in a secure and compliant way for those assets meeting our standards.”
As the most popular U.S. cryptocurrency exchange, what Coinbase decides to list or not list can have a huge impact on the market at large. In December of 2017, for example, Coinbase announced it would support bitcoin cash — and the price of the cryptocurrency skyrocketed almost immediately. The price of ethereum classic also went up following the Coinbase announcement that it would soon support the coin.
We can practically hear altcoin developers licking their lips. And why shouldn’t they be? At present, it’s free to submit an application to the company.
That may change in the future, however.
“Depending on the volume of submissions,” Coinbase explains, “we reserve the right to impose an application fee in the future to defray the legal and operational costs associated with evaluating and listing new assets.”
In other words, if you have a coin you’d love to see listed on Coinbase you should get while the getting’s good. If you wait too long, you may end up paying for the pleasure of Coinbase rejecting your application and telling you your project is a worthless and possibly criminal scam.
But hey, nothing’s stopping you from submitting your application today! So go ahead and grab that Google Form by the horns and ride it all the way to the moon.