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Coinbase considers adding support for new crypto coins

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The largest US cryptocurrency exchange, Coinbase, announced last week that it was considering adding support for several new digital currency assets.

In a blog post, published Friday, Coinbase said that it was looking into potentially adding Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX) to its platform. The announcement was made “internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets”, the company said.

The news came just over a month after Coinbase revealed that it had commenced the process of adding Ethereum Classic (ETC). In the new announcement, however, the company said that “[u]nlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading”. It added that its support for some of the tokens might be limited to allowing customers to buy and sell them, without the ability to send or receive using a local wallet. The company also warned that it might enable “only certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses”.

The prospect of gaining listings on Coinbase was enough to boost the prices of the five tokens on Friday, while a wider upswing helped them to defend and even expand their gains over the weekend.

As of Monday, 11:56 BST, top 10 crypto coins Cardano and Stellar were trading at $0.148 and $0.223, having gained 6.5% and 4.9% over the past 24 hours, respectively. Meanwhile, 0x, No. 23 by market capitalisation was at $1.18, having risen by more than 10% in the same period. Zcash and BAT were trading at $176.18 and $0.327, respectively.

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