Coinbase to increase transparency on potential listings for 2022


America’s largest crypto exchange, Coinbase, announced a long list of tokens it could potentially list in Q2 2022 to increase transparency.

An April 12 exchange blog post lists the tokens under consideration, but notes that other tokens may be under consideration but not specifically mentioned. On their radar are 45 ERC-20 tokens on the Ethereum (ETH) network and five SPL tokens on the Solana (SOL) network.

Some of the tokens with a relatively large market cap are Binance USD (BUSD), the third largest stablecoin on the market, and one of the largest DAO projects BitDAO (BIT), which has a market cap of just over $1 billion at the time of Writing to CoinGecko data.

The exchange stated that its new approach to token listings will also offer “as much information symmetry as possible”. Information symmetry promotes efficiency and fairness within a market.

It also reduces the likelihood of a pump-and-dump scenario on listing day, as the hustle and bustle of retail can be mitigated with advanced knowledge of a listing. While it’s far more common on other centralized and decentralized exchanges, Coinbase has had its fair share of such price action on coins it lists. In 2020, the OMG Network (OMG) pumped 200% within 15 minutes of listing on Coinbase and crashed shortly thereafter.

Crypto projects are aware of the attention a Coinbase listing can bring, or even just the potential it can bring. Relatively small DeFi data tokenizer Big Data Protocol (BDP) with a market cap of $3.3 million according to CoinGecko tweeted joy today that Coinbase may have added it to the list.

While the increased transparency can be a boon for investors and projects, veteran crypto trader from Twitter account @12yearoldwithcc believes potential listings are lackluster. The account tweeted today that “Coinbase is in its flop era”.

Related: Coinbase invests in Indian crypto and Web3 amid clarity of tax rules

Other investors may not have even noticed Coinbase’s new transparency efforts, as many focus on the exchange’s intent to produce a series of three films about the Bored Ape Yacht Club’s (BAYC) non-fungible token (NFT) collection.

Some in the crypto community are baffled by the $10,000 deal Coinbase has offered BAYC holders for the rights to use their monkey in the movies, some even warning that they should not accept it.

Overall, it has already been a turbulent week for the exchange as it launched trading services in India for the first time on April 8, but abruptly halted buy order services on April 11 following pressure from local payment services regulators.