Coinbase, the San Francisco-based cryptocurrency exchange, has announced a new platform designed to help issuers inventory their assets more efficiently – and possibly without going through the cumbersome listing process currently used by the company.
Coinbase Asset Hub is a “simple, streamlined product for issuers to list their assets and business” at the exchange, said Surojit Chatterjee, Coinbase CTO. “The goal is a single interface at Coinbase for digital asset publishers to manage the full lifecycle of their assets,” he said.
Launched Thursday, the platform will maintain a robust review process to ensure that every asset meets Coinbase’s legal, compliance and security requirements. In addition, issuers can continue to work with Asset Hub to fill in a formal application.
The application asks the publisher to provide the name of the asset and the ticker symbol, as well as answer a few questions about their product. Applicants are then guided through the compliance review process.
Some in the industry consider a Coinbase listing the gold standard for cryptocurrency projects as it opens the door to tens of millions of investors. It also provides participants with an easy way to convert fiat money into digital assets without first having to use Bitcoin (BTC) or Ethereum (ETH).
While Coinbase conducts periodic reviews of cryptocurrency projects, getting listed on the main Coinbase platform isn’t easy. Currently, more than 40 assets are listed. The professional trading platform, Coinbase Pro, provides access to more than 90 assets.
2021 promises to be a very ambitious year for Coinbase. The company is reportedly in talks with Goldman Sachs to assist in the launch of its IPO, which could take place later this year. The platform has brought in tens of billions of dollars in institutional capital in the past year, underscoring the growing demand for digital assets.