Coinbase Pro says that these new tokens will launch if certain liquidity conditions are met and there is sufficient supply.
Coinbase Pro announced that starting from October 6th, the platform will begin accepting inbound transfers of some additional tokens. The newly-listed digital assets are Function X (FX), Jasmy (JASMY), tBTC (TBTC), and Wrapped Centrifuge (WCFG). The new asset listings will roll out into four phases, namely, transfer-only, post-only, limit-only, and full trading. Furthermore, Coinbase Pro says it reserves the right to ‘keep the book in one state’ for a longer period. This especially holds true if certain market criteria are not met – including a healthy and orderly market.
The exchange pointed to its ‘Trading Rules’ section to serve as guidelines for users. In addition, Coinbase Pro says it will publish tweets from its official Twitter account as each order book moves through the phases. Furthermore, the newly-added digital assets are yet to be available on Coinbase.com or consumer mobile apps. The company promises to make an announcement “if and when this support is added.”
The Newly-added Digital Assets
Function X (FX) is an Ethereum-backed token that powers the Function X blockchain, cross-chain protocol, and platform for decentralized applications. FX functionality is versatile and can pay for services including smart contract creation and data storage. Furthermore, players can use it to vote for network upgrades and for network staking.
Jasmy (JASMY) is Ethereum-based and powers Jasmy, an organization that develops Internet of Things (IoT) platforms. Jasmy primarily decentralizes the coordination of devices and data networks using edge computing and storing it on IPFS, a decentralized storage network. Furthermore, Jasmy’s operational approach is peculiar and a deviation from the norm, which utilizes centralized servers. In addition, Jasmy can facilitate the transfer of tokens between devices and payment for network services.
tBTC (TBTC) is yet another Ethereum token designed to represent Bitcoin (BTC) on the Ethereum blockchain. Powered by the Keep Network, TBTC is a separate ERC-20 token that tracks Bitcoin’s value. The Keep Network allows users to deposit Bitcoin in return for tokenized TBTC. Users can subsequently proceed to use the aforementioned tokens across the Ethereum ecosystem.
Wrapped Centrifuge (WCFG) is also an Ethereum token that represents Centrifuge (CFG) on the Ethereum blockchain. However, Wrapped Centrifuge is not CFG but rather a separate ERC-20 token that tracks the price of CFG, the Polkadot-based native token of the Centrifuge Chain. Furthermore, CFG can facilitate staking and on-chain governance.
Coinbase Pro Previously Incorporated a Multitude of Other Tokens to its Platform
Coinbase Pro added trading support for a slew of other listings recently. They include Avalanche (AVAX), Adventure Gold (AGLD), Braintrust (BTRST), Rari Governance Token (RGT), XYO Network (XYO), and DerivaDAO (DDX). Other listings are DFI.money (YFII), Radicle (RAD), COTI (COTI), Axie Infinity (AXS), Request (REQ), TrueFi (TRU), and Wrapped Luna (WLUNA). Finally, Harvest Finance (FARM), Fetch.ai (FET), Paxos Standard (PAX), and Polymath Network (POLY), and Clover Finance (CLV) round out the list.
Coinbase Pro lists two new altcoins and prices soar
Coinbase Pro, the trading platform for the largest US cryptocurrency broker, Coinbase.com, listed two more altcoins on Wednesday (13), Rarible (RARI) and BadgerDAO (BADGER). Both cryptocurrencies had a high after the announcement, with emphasis on RARI, which is already with a gain above 40% in the last hours, according to data from Coinmarketcap. See the performance of altcoins.
Before being announced by Coinbase, the RARI token had already gone through a high of about 30%, almost hitting the $23 mark last Monday. After listing, altcoin progressed to $27.59, the week’s highest value so far. At the time of writing, RARI is trading at approximately $27, which has risen in the last 24 hours by around 40%.
As described by Coinbase, the altcoin Rarible is also a token issued on the Ethereum blockchain, whose function is to feed its platform of the same name. It is a network that allows you to create, receive and market NFTs
BADGER, which had been gaining price since the beginning of the month, started to be worth more after listing on Coinbase. On Wednesday night, the currency reached US$40, but there was a correction and on this Thursday afternoon it is traded in the range of US$35, with an increase of approximately 13% in the last 24 hours. The cryptocurrency, however, is still far from reaching its highest price, which was US$ 85 in February this year.
BadgerDAO is a token issued on the Ethereum network that powers its autonomous decentralized organization of the same name. DAO is focused on bringing Bitcoin to the decentralized finance (DeFi) ecosystem in Ethereum and other blockchains, explains Coinbase.
Coinbase Advocates for Special Separate Crypto Regulator, Suggests Displacing SEC
Because of the SEC’s continuous witch hunt targeted at the crypto sector, Coinbase believes a separate regulator will be better. However, the SEC disagrees.
Major crypto exchange Coinbase wants the US Congress to create a separate special regulator for digital assets. The company says federal legislators should move to block the securities and exchange commission (SEC) from assuming control of the industry.
Coinbase has locked horns with US regulators – most notably the SEC – in recent months over compliance issues. SEC Chair Gary Gensler, is a known skeptic of digital currencies, particularly because they lack proper oversight. Furthermore, Gensler argues that several crypto exchanges trade coins that do not comply with investor protection laws. Unsurprisingly, he opposes the idea of a separate crypto regulator and is discouraging lawmakers from doing so.
As a result, leading crypto exchange Coinbase plans to publicly release a document with proposals for crypto regulation. It opines that crypto market players are not clear on which federal agencies should oversee which particular assets. Furthermore, the exchange emphasized that its proposal takes into account feedback from policymakers as well as crypto’s unique traits.
Coinbase and SEC Differ on Proposed Crypto Regulator Idea
Coinbase’s chief policy officer, Faryar Shirzad, acknowledged that the exchange does not expect its proposal to kick into effect immediately. However, the crux of Coinbase’s move for a separate regulator is to induce conversations around the matter and create more crypto awareness. In Shirzad’s words on suggesting the next plan of action:
“…what they can do is evolve the debate in ways that are helpful for everyone, including members of Congress who are increasingly focusing on this area.”
Gensler, however, does not agree even a little bit. Speaking at a congressional hearing which took place last week, the SEC Chair said:
“I would say, cautionary note: If Congress were to carve something out of the securities law, it could also undermine 90 years of economic success and undermine the 7,000-plus issuers…”
Both the SEC and Coinbase further traded soundbites in statements issued for and against the idea of a separate crypto regulator. In addition, Coinbase’s proposal comes amid the Biden administration actively ramping up oversight of crypto assets. The said assets also include stablecoins whose value is in line with the US dollar.
Coinbase’s Proposed Crypto-Lending Scheme
Back in September, Coinbase CEO Brian Armstrong tweeted a series of messages alleging that the SEC was investigating its crypto-lending program. The Commission asked Coinbase to desist from going forward with what it perceived as an unregulated initiative. Furthermore, it threatened to take legal action against the exchange if it did not heed the regulator’s warnings. Armstrong criticized the SEC’s actions, branding them as veiled intimidation tactics. In addition, the exchange’s CEO suggested other crypto companies already offer similar programs. Armstrong also accused the SEC of viewing Coinbase’s crypto-lending initiative as a violation without providing a reason.
“They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why,” said he.
Coinbase CEO Unveils Crypto Regulation Proposals, Says They Can Ensure US Remains Global Financial Leader
Coinbase chief executive officer Brian Armstrong is circulating a crypto regulation proposal that he believes will ensure that the US remains a global financial leader.
The exchange is launching the Digital Asset Policy Proposal (dApp) to anticipate the evolution of a blockchain-driven and decentralized internet and the emergence of cryptocurrencies as a new asset class.ADVERTISEMENT
Armstrong tells his 867,000 Twitter followers that the proposal aims to help the United States retain its status as a financial leader in the face of technological change.
“Web3 is upon us and represents an enormous opportunity for America to not just retain its status as a financial hub, but also to encourage innovation, create jobs, and grow the economy.
We can do this all with sensible regulation that protects consumers and creates a level playing field if we work together.”
Armstrong says that the dApp represents the views of government stakeholders, as well as those of individuals within the crypto space and academia. Coinbase conducted in-depth meetings with representatives from multiple industries before drawing up the proposal.
This is not about @Coinbase – we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It's inclusive and democratic by design.— Brian Armstrong (@brian_armstrong) October 14, 2021
According to Coinbase chief policy officer Faryar Shirzad, the dApp primarily consists of four pillars:
- Regulate digital assets under a separate framework
- Designate one regulator for digital asset markets
- Protect and empower holders of digital assets
- Promote interoperability and fair competition
“Our goal is to thoughtfully and respectfully engage in the public conversation about the future of our financial system. That conversation, we believe, requires recognition of two concurrent and broad developments:
1. The blockchain-driven and decentralized evolution of the internet
2. The emergence of a distinctive asset class that is digitally native and empowers unique economic use cases
Our hope at @Coinbase is that this framework will animate an open and constructive discussion regarding our shared economic future.”