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Friday, September 30, 2022

Coinbase Has Added Around 100 Crypto Assets

Currently, Coinbase has around 139 tradable assets, to which it added a whopping 83 assets- which nearly doubled the number that it had over the last eight years. Now, the main question that comes up is- is this rapid expansion just a means of a simple cash-grab? Are any of these lesser-known tokens and coins the main method of attaining securities? Is the crypto storage firm being irresponsible or overly ambitious? And what does this rapid expansion of assets by crypto storage actually imply?

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The increase in tradable assets by Coinbase doesn’t seem to be an action that is governed by money, as the firm makes quite a lot of money itself on trading fees, and its list of token conversion cannot be governed by that.

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The crypto firm initially started out at a small booth at a conference where it was just trying to create something that clients would have wanted- where it pitched T-shirts and brought about BTC wallets. Now, this same firm is the second-largest crypto exchange in the entire world. Does it need money through assets? The answer is a resounding no. 

A reason that could be part of the answer would be Armstrong posting a series of tweets that indicated the change of approach by Coinbase in determining which assets would get listed. To simplify the approach, the company shifted from an approach based on merit which would depend on internal criteria to one that had a pragmatic approach based on externalities. This new approach would allow the market to decide which of the assets contained the most value. 

Coinbase has always accepted and acknowledged its leadership role in bringing forth new regulations which is always beneficial to the new economy. The exchange really is aware of the leadership role of this crypto storage in space- and therefore is quite ready for its compliance.

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