Coinbase Could Soon List DeFi Token Powerhouses: Report

Coinbase could soon list tokens of some popular DeFi powerhouses such as Compound, Synthetix, Bancor, and Aave as one of the biggest exchanges in North America. This decision could help the Defi protocols across the sector so let’s find out more in the following Coinbase news today.

Coinbase is slowly losing favor with the crypto community but that doesn’t mean it will shut down soon because of it. Over the past year, the American exchange has capitalized on the growth of the DeFi tapping into space and becoming a key market for some of the tokens. The exchange is taking this one step further by adding nine new Defi tokens. This decision is not the first entry into the sector by the exchange. Coinbase already launched an oracle on the Ethereum blockchain as well as rolled out at the DeFi focused wallet.

This could also be about cashing in on the hype rather than missing out and supporting the fledging DeFi movement.
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By adding the DeFi tokens to the liquid exchange, Coinbase could steal the market share from the DEXes that are now dominating the trading volume for the tokens mentioned. All of the DeFi tokens except COMP, have outperformed Bitcoin by 11-60% over the past week. Coinbase could list DigiByte, Origin Protocol, Arweave, SKALE Network, and VeChain among the others. Most of the coins had a strong week which opens up the possibility to list these tokens and to take advantage of the popular ‘’Coinbase effect.’’

Coinbase is exploring the addition of 18 new digital assets, some are live, some are not. We will evaluate each against our Digital Asset Framework. It’s our goal to offer support for all assets that meet our standards and are compliant with local law. https://t.co/IN4g4WfYjW

— Coinbase (@coinbase) June 10, 2020

As per the recent reports, After being outshouted and bashed by plenty of users in the news, one of the Coinbase laid out a new tech plan which will work to prevent outages on its platform in the future. The traffic spike which caused severe disruption of its exchange service was in the Coinbase news earlier this month as it angered many users.

Also, the leading crypto exchange said they are willing to cooperate with the DEA and to share information on its users with the government agency. Public documents emerging show that the San Francisco firm stands to make as much as $250,000 from the DEA for its “identity attribution” software. The exchange has faced criticism in the past for its link to the controversial surveillance tech company Hacking Team.