Coinbase, one of the leading cryptocurrency exchanges based in California, has recently announced that it will be adding two new altcoins to its listing roadmap for 2023. The company aims to serve as a bridge between retail customers and Web3, which is in line with its principal notion. While the specific date of the listing has not yet been disclosed, it is expected to happen in the following few weeks.
The addition of new coins to Coinbase’s platform is part of the company’s strategy to increase its range of tradable assets. The two new altcoins that will soon be added to the platform are Virtua (TVK), which has a metaverse theme, and Dimo (DIMO), which is aimed toward the automobile industry and based on the Polygon network.
Impact of the News on the Prices of the Altcoins
As expected, the announcement of the upcoming listing of Virtua and Dimo on Coinbase’s platform has had a significant impact on their prices. Within the past half-hour of the announcement, the price of TVK has spiked by 4.5% and is currently trading at $0.04. Meanwhile, the price of DIMO has skyrocketed by over 50%, and it is presently exchanging hands at $0.093, which is approximately 400% above its all-time low of $0.018 recorded in December of last year.
While cryptocurrencies that are added to Coinbase’s roadmap may have a higher priority of getting listed due to the company’s stringent internal review process, transfers and exchanges of these assets are not yet supported until a formal listing announcement is made. It’s also worth noting that certain coins on Coinbase’s roadmap may be removed or may not be included at all, depending on several factors. However, most of them often get listed eventually.
Coinbase’s Roadmap: Enhancing Transparency and Reducing Insider Trading
Coinbase’s roadmap was designed to enhance transparency surrounding the exchange’s listing procedure and reduce insider trading. Insider trading occurs when individuals with privileged access to non-public information trade based on that information, often to their advantage. It’s a common problem in traditional financial markets, and the cryptocurrency space is no exception.
Coinbase’s roadmap is an effort to reduce insider trading by providing transparent information about the company’s plans to add new coins to its platform. It outlines the process that Coinbase follows to evaluate and review new coins before adding them to its platform. This includes a technical evaluation of the coin’s code, an assessment of the team and its track record, and a review of the coin’s market liquidity and trading volume.
Investors should keep an eye on the developments surrounding the addition of Virtua and Dimo to Coinbase’s platform. The inclusion of these altcoins on Coinbase’s platform could increase their visibility and demand, leading to potential price increases. However, it’s essential to conduct thorough research before investing in any cryptocurrency.
Conclusion
The announcement of the addition of Virtua and Dimo to Coinbase’s listing roadmap is good news for investors interested in these altcoins. It is also an indication of Coinbase’s continued effort to increase its range of tradable assets and improve transparency surrounding its listing process. While the specific date of the listing has not yet been revealed, investors can expect it to happen in the following few weeks. It’s also worth noting that certain coins on Coinbase’s roadmap may be removed or may not be included at all, depending on various factors.
