With a customer network that boasts 73 million users in over 100 countries globally, Coinbase can easily be regarded as one of the world’s biggest cryptocurrency exchanges. And with every passing year, Coinbase seeks to improve its services by primarily granting investors access to new credible blockchain projects they deem to have the potential to be successful. This piece will cover the new coins coming to Coinbase exchange.
Coinbase at a Glance
73M+ verified users worldwide Supports over 150 digital currencies for trading Offers a non-custodial free wallet serviceThe minimum amount required to initiate a trade is just $2A high functional mobile app alongside its official website for easy access to tradingTransactions fees range from 0.5% to 4.5%Insurance covers a portion of all stored digital assets against all forms of theft.
Coinbase New Cryptocurrency Listings
According to the official Coinbase blog, the following assets are the major crypto coins to be listed on the exchange soon.
NEAR Protocol (NEAR)
NEAR protocol is a layer-1 blockchain designed to provide developers with a platform for building decentralized applications that are easily scalable and secure. Using its unique sharding technology, Nightshade, NEAR protocol shares the load of processing transactions among individual nodes, allowing the network to scale effortlessly in response to increasing adoption levels.
Furthermore, the NEAR protocol employs Doomslug, a specialized proof-of-stake consensus algorithm, which enables validators to take turns participating in transaction verification rather than competing based on stake weight. This blockchain protocol is an interoperable network capable of interacting with other chains and ecosystems, including Ethereum, Aurora, and Polkadot- to mention a few.
The NEAR token is the native digital asset of this protocol and serves as the payment medium for all transactions. You can also stake NEAR tokens to act as a network validator in return for block rewards. In addition, NEAR stakers are also granted voting rights, allowing them to participate in network governance.
Ooki Protocol (OOKI)
Ooki is a decentralized protocol for margin trading, staking, borrowing, and lending that empowers a rent-free and efficient blockchain. It currently runs on Polygon, Binance Blockchain, and Ethereum Layer-1. The network’s token, OOKI, is one of the coins coming to Coinbase.
The protocol boasts several features, including providing a safe space for crypto investors to explore various trading forms and letting developers build DApps, allowing borrowers, traders, and lenders to interact with the most flexible DeFi protocols across various blockchains. Ooki is completely decentralized and governed by community vote in the DAO and staking the OOKI token. Staking on Ooki is profitable, as the platform rewards 50% of its transaction fees to stakers. The remaining 50% is split between the Ooki insurance fund and Ooki treasury.
Raydium is an automated market maker (AMM) which operates using the central limit book on the Serum decentralized exchange( DEX). Therefore, all assets deposited on Raydium are converted into limit orders on the Serum order books, granting Raydium access to the order flow and liquidity of the Serum network and vice versa.
Due to this design, Raydium is a unique AMM as it can access liquidity in places outside its own pools. It also runs on the Solana blockchain; hence, it supports speedy transactions with little fees compared to AMMs and DEX, which operate on the Ethereum network. On Raydium, you can trade and swap assets using its liquidity pools or Serum order books.
Alternatively, you can act as a liquidity provider and receive LP tokens representing your portion of a specific liquidity pool. As a lender, you can use LP tokens for yield farming to earn RAY tokens which function as Raydium’s governance token. RAY tokens can also be staked to earn a portion of all protocol fees and IDO allocations generated via the Raydium Acceleraytor launchpad.
Celer Network (CELR)
Celer is a blockchain protocol that enables the interoperability of decentralized applications on various blockchains via the Celer Inter-chain Message SDK. Celer runs on its own blockchain known as the State Guardian Network (SGN), built using the Tendermint protocol. SGN utilizes a proof-of-stake consensus model known as the delegated proof-of-stake (DPoS) consensus algorithm.
With DPoS, Celer enables its users to stake CELR, its native token, by delegating their tokens to network validators. By doing so, stakers earn rewards without actively participating in transaction validation. These rewards include block rewards and transaction fees “captured” from Celer IM framework and cBridge-enabled dApps.
Furthermore, CELR stakers act as State Guardians and are authorized for status monitoring and settling disputes while maintaining the security and integrity of the Celer network. When you stake CELR, you can also vote on certain parameters and any proposed upgrades to the network. CELR was recently listed on Coinbase on the 16th of August 2022, marking it the first asset to debut off this list.
How Often Does Coinbase List New Cryptocurrencies?
There is no fixed interval on when Coinbase lists new coins. However, they endeavor to list as many assets as possible after executing a careful and thorough evaluation of each asset and its prospect. New coins selected for listing are added to the Coinbase listing schedule, and announcements are made via Twitter accounts @CoinbaseAssets and @CoinbaseExch.
Why should you invest in new coins before Coinbase listing?
Getting listed on Coinbase is known to affect the price patterns of assets positively. This is because when a new coin is listed on Coinbase, it is introduced to a large population of new traders and investors, increasing its market cap, trading volume, and market price.
In 2021, crypto research and data firm Messari published a report that covered the effect of crypto exchanges on asset price patterns. After eliminating the performance of outliers, Messari revealed that new tokens listed on Coinbase experienced an average gain of 29% within their five days of trading on the exchange.
It is also worth knowing that the mere news of Coinbase’s intentions to list a coin can cause a notable leap in a token’s price. For example, following the addition of Ooki to the Coinbase listing schedule on August 12, the asset experienced a 29% day trade surge – selling as high as $0.00869 – and a massive increase in its trading volume for two days.
Although the coin’s price has since returned to its previous levels, it is expected to experience an enormous investment when finally listed on Coinbase; this could lead to higher price levels for an even longer period.
How to invest in Coinbase new cryptocurrencies
There are different ways to invest in the new cryptocurrencies Coinbase intend to list on their exchange. For instance, if the project is yet to be launched, you can invest by acquiring the tokens through a regular pre-sale or initial coin offerings on its website or another platform. For information on the pre-sale of any token, you can visit CoinMarketCap.com.
In cases where projects have been launched, like the ones already discussed in this piece, they will be active and trading on other exchanges apart from Coinbase. Aside from CELR, which is now available on Coinbase, all other assets mentioned above are accessible via exchanges, including Binance, Gate.io, KuCoin, Phemex, MEXC, and Phemex.
Using the NEAR protocol as an example, we will illustrate how you can acquire NEAR tokens from the popular Binance Exchange in three simple steps.
Step 1: Register an account on Binance via the website or mobile app
You can set up an account on Binance using your email or mobile phone.
Step 2: Fund your account with crypto
NEAR is purchased on Binance using trade pairs. Thus, you will need to fund your Binance account with crypto, preferably a stablecoin such as USDT or BUSD.You can deposit assets into your account via debit/credit card, bank transfer (fiat currencies), peer-to-peer trading, or a third-party payment method.
Step 3: Buy NEAR
Assuming you acquired USDT, here’s how to invest in NEAR.
Click on the markets tab on your dashboard.
Switch to Spot Markets, search for NEAR, click on the USDT tab, and select the NEAR/USDT trading pair.
Scroll down to the spot trading interface and pick your market order type.
Then input details, like price and amount, before clicking Buy NEAR.
Voila, you have acquired your NEAR tokens ahead of its Coinbase listing.
To retain its significant position in the crypto space, Coinbase will always ensure to enlist new assets on its exchange. The tokens discussed in this post emerge from exciting projects and represent the next set of assets investors anticipate on the Coinbase exchange. However, it is important to take a cautious approach to investing in new crypto coins or any digital asset, so you don’t get burned.