Coinbase Talks About Adding New Tokens
Written by Token Authority Research Team
Posted July 16, 2018
This past week was huge for the world of digital currency.
Five cryptos soared in price when Coinbase announced that it was considering adding them to the exchange.
Outside of that, young stock brokerage Robinhood announced that it would be adding new cryptos to its trading platform.
In this week’s digital currency update, we’re going to take a closer look at all of these events.
Coinbase Talks About Adding Five New Cryptos to its Platform
Coinbase, as the world’s leading digital currency software wallet and trading platform, is an exchange every investor should be keeping an eye on.
Not only does Coinbase tend to set trends that affect the rest of the industry, but it also tends to boost the value of tokens when it adds them to its platform. Why? Well, Coinbase is used by investors around the globe, many of which don’t want to venture onto crypto-to-crypto exchanges. That said, if a token is added to Coinbase, it has a lot more exposure to investors.
And on July 13th, Coinbase announced that new tokens may be coming very soon.
Coinbase announced that it was looking at adding five new digital currencies: ADA (the token of the Cardano network), Basic Attention Token, Stellar, Zcash, and 0x. Coinbase noted in its announcement that it could not guarantee any of these tokens would actually be listed on its exchange. That means it’s a bit too early to get excited.
Yet that didn’t stop investors from doing so. Each of the tokens mentioned increased dramatically in the wake of the announcement.
Coinbase also noted that, if these tokens do come to the exchange, they may not be available to everyone. Trading of certain tokens could be limited based on your location. Coinbase stated, “Regional support will depend on a case-by-case analysis that looks to legal, compliance, and other factors that are relevant to jurisdiction. In some cases, you should expect certain assets to be available in other jurisdictions before coming to the U.S.”
We will keep investors up to date as the situation progresses.
If you’re curious about any of these new tokens, you can learn more about them in our Coin Index on the Token Authority website.
Robinhood Announces the Addition of Litecoin and Bitcoin Cash
Coinbase wasn’t the only platform making waves this past week.
Young, millennial-targeted stock brokerage Robinhood also shook up the market by announcing that it would be adding Litecoin and Bitcoin Cash to its list of crypto offerings. Back in February, the stock brokerage added Bitcoin and Ethereum, making it one of the first brokerages to offer crypto.
Robinhood’s crypto offerings are unique in that investors can buy digital currencies with zero transaction fees. This model is an extension of the exchange’s overall model, which focuses on providing investors with a positive experience minus fees.
Experts say Robinhood’s foray into the crypto space positions the young company as a competitor for existing digital currency exchanges, including Coinbase.
That said, Robinhood still has some room to grow.
Currently, Robinhood’s crypto trading platform Robinhood Crypto is only available in 17 states.
Robinhood told Business Insider that its platform now has 5 million customers, marking a sharp increase from the 2 million users it had in December 2017. This puts Robinhood ahead of competitor E*Trade, which has 3.7 million clients.
Augur Launches Blockchain
On July 9th, Augur launched its heavily anticipated blockchain-based prediction market. The launch came after a two-year delay and went off without a hitch.
For those of you unfamiliar with Augur, it is one of the oldest decentralized applications on the market and one of the largest projects to be built on the Ethereum blockchain.
The company was founded in 2014 and executed its initial coin offering in 2015. Through this offering, the company raised over $5 million, which is a staggering amount before the digital currency boom of 2017.
The Augur project is advised by Ethereum's co-founder Vitalik Buterin, who seems excited about where the project is heading in the future, stating, "I have been excited about the possibility of a prediction market on Ethereum for a long time."
But what exactly does Augur do?
Well, put simply, Augur is a predictions market that is based on blockchain. It allows individuals to make bets using bitcoins and ether, and then those bets are honored through smart contracts.
The Augur platform allows investors to make bets on anything, from presidential elections to the outcome of a natural disaster. By collecting data this way, Augur turns to the "wisdom of the crowd" to predict events. People who use the platform can even create their own personalized bets.
As things stand, Augur looks well poised to disrupt the current $52 billion gambling market.
Already, Augur has surpassed CryptoKitties, another famous Ethereum-based decentralized application, seeing $400,000 of betting in the first day.
From this point, the platform simply needs to forge ahead and attract new users.
If you're curious to learn more about the Augur platform, you can check out our Augur Coin Index feature.
EOS Secures New Round of Investment
To wrap up our digital currency weekly update, we're going to circle back to the EOS blockchain and its founding company Block.one.
Block.one has secured investments from a wide range of individuals, including billionaire Jihan Wu of Bitmain and PayPal founder Peter Thiel.
For those who may have missed our EOS coverage, the EOS blockchain was created by Block.one as a rival to the Ethereum blockchain.
Block.one has stated that EOS was built to support decentralized applications on an industrial scale. At the time of writing, EOS, the currency native to the blockchain protocol, has a market cap of around $7 billion and is sitting at number five on CoinMarketCap.
We will keep investors up to date on EOS as the newly launched blockchain makes its way into the future.
For Digital Currency, 2017 Was a Landmark Year…
The price of Bitcoin, the world's first digital asset, soared. And that turned many first-time investors into millionaires within a matter of months. Beyond Bitcoin, other digital assets also gained national attention and the support of massive corporations like Intel, Microsoft, and IBM.
But today, investors are looking at a different digital currency landscape…
A whole new wave of valuable blockchain companies is giving investors a second chance at Bitcoin-level profits.
At Token Authority, our goal is to provide investors with the actionable research and news that they’ll need to profit from this groundbreaking market. Sign up below to receive our free e-letter and a report detailing the top three digital currencies that you should be keeping an eye on in 2018.Sign up to receive your free report. After signing up, you'll begin receiving the The Token Authority e-letter.