Crypto exchanges have cemented their role as the go-to platforms when traders want to exchange between digital assets. While there is an impressive list of crypto exchanges that are available across the globe, United States-based Coinbase has cemented its place as one of the leaders in this aspect. The crypto exchange made a massive leap in April, becoming the first cryptocurrency exchange to go public in the U.S. stock market.
Coinbase has listed more tokens since the beginning of this year
In the past, Coinbase was very conservative about which tokens they listed on their platform, which is evident from their listing pattern across the years. But since the beginning of 2020, Coinbase has moved swiftly to increase the number of tokens listed, adding a total of 21 digital assets for that period. In the first half of this year, the company has further increased its number of supported tokens, adding popular crypto assets such as Dogecoin and Polkadot. Judging by previous records, the number of listed tokens in the first half of this month is the highest by far since the inception of the crypto exchange. Also, the company only recently listed Dogecoin, despite the company’s employees floating the idea already a few years ago.
Asides from Coinbase’s cryptocurrency trading services, the company’s custody arm of the company has also stretched its list of supported tokens to a total of 134 after adding 74 tokens since the start of 2021.
Many cryptocurrency traders and investors are familiar with the “Coinbase effect”, which refers to the price spikes that cryptocurrencies tend to experience right after Coinbase announces a listing. This phenomenon has helped make a Coinbase listing one of the most desirable milestones for projects and investors in the crypto and blockchain industry.
Following the company’s public debut, Coinbase CEO Brian Armstrong, noted that the exchange would continue to add as many digital assets as possible in the future.