Coinbase, the popular cryptocurrency exchange platform has announced that they will be updating their listing process so it is much easier for individuals to list their cryptoasset.
Their blog post mentioned how “there are now thousands of digital assets of all types, including coins, tokens, forks, stablecoins, and collectibles” and they constantly get “requests to add support for these new assets” and have explored ways to do it “in a secure and compliant way”.
“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. In practice, this means some new assets listed on our platform may only be available to customers in select jurisdictions for a period of time.”
The post continued by discussing how an individual wishing to list a cryptoasset must first complete a form that evaluates the coin against their Digital Asset Framework. There currently is no fee to submit an application, but the post did highlight that they “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”. They also said Coinbase may decide to list coins separately from the application process. The post also described that they “expect to publicly announce the addition of new assets only at or near the time of public launch across one or more Coinbase products”.
Dash’s ability to meet the criteria
Dash has long remained excluded from Coinbase despite the fact that Dash has met many of Coinbase’s core features of their Digital Asset Framework. Dash Force News previously did a very in-depth article on the features of the Digital Asset Framework and how Dash meets these requirements. As a quick summary of the DFN article, Coinbase requires the following:
- Tradability and popularity
- The maturity of technology, leadership, community, documentation, and governance
- Confidence in longevity: technically, future tradability, decentralization, etc.
- Future roadmap and innovation
- Lack of legal entanglement and more currency than security
- Little to no conflicts of interest associated with funding
- 3rd party assessment and analysis of design, governance, and process
- 3rd party demand: merchants, developers, partnerships, etc.
The DFN article detailed, comprehensively, how Dash meets these qualifications with its extensive exchange partnerships, rapidly expanding merchant integrations around the world, and revolutionary governance model that has allowed it to innovate past difficulties. The DFN article further elaborates how Dash Core Group has be very detailed oriented in laying out road maps of growth, testing, and building the network to handle the user growth it is experiencing.
As further evidence of Dash’s commitment to sustainable growth, Dash conducted a study in partnership with ASU to show how Dash could easily scale up to 10 MB blocks to handle 120 transactions per second, which is about half of what PayPal currently handles. Then the Dash network was also able to conduct a stress test to prove the research in real life. Dash Core Group is also continuing to pursue a SEC ‘no-action’ letter to assure consumers and investors that Dash is not a security, which not only helps the Coinbase integration prospects, but also helps build consumer confidence in general.
Dash thrives without Coinbase
If the past few months have been evidence of anything, it is that even in a bear market Dash is able to increase adoption because of its key value offerings. Dash appeals to consumers since it is able to be used in everyday transactions no matter how small or larger thanks to its super fast transactions at super lows costs without compromising security, along with its large merchant adoption rates. This has lead to consumers purchasing Dash from other exchanges, via ATMs, receiving Dash directly for goods/services, or just buying other cryptocurrencies on Coinbase and changing it over to Dash via a separate exchange. The rapid growth in Dash over the past couple years demonstrates the power of Dash’s DAO, which helps mitigate Dash’s reliance on third parties like Coinbase to further its adoption and awareness since it is able to do that task itself.