Solana’s USDC, SPL tokens to feature on Coinbase

abdelaziz Fathi

US popular crypto exchange Coinbase is reportedly mulling the listing of Solana ecosystem tokens, which recently saw its value skyrocket and increasingly gained plaudits for its robust transaction processing speed.

Coinbase

The move comes as the regulated platform, which offers trading in Bitcoin and Ethereum along with more than 110 altcoins, is expanding its order book to include tokens that have gained popularity in recent months.

Coindesk quoted unnamed sources as saying that Coinbase will soon allow deposits and withdrawals of Solana Program Library (SPL) tokens, Solana’s version of Ethereum’s ERC-20. Additional reports state that the Solana-native USDC, which has had a remarkable ascent in 2021 and currently boasts a $4.8 billion circulating supply, would be among the supported coins.

The proliferation of alternative coins has been a challenge for Coinbase because competitors support some of them. But as their trading volume has been huge lately, Coinbase had to step in as their fans have either left the platform or opened accounts at other exchanges where they can transact.

Strictly compliant with regulations, Coinbase is one of the world’s most popular consumer-facing cryptocurrency platforms. Trading in altcoins makes up 40% of Coinbase’s volume, while Bitcoin and Ethereum accounts for the other 60%.

Coinbase CEO Brian Armstrong said earlier that the exchange plans to list every crypto asset where it is legally permissible to do so.

“Outside of our listing standards (for safety/legality), we don’t offer an opinion on the value of each asset. We are asset agnostic, because we believe in free markets and that consumers should have a choice in the crypto economy. This is how we’ll have the most innovative,” Armstrong tweeted last year.

The present fierce competition with offshore platforms had promoted Coinbase to re-launch its margin trading service on the exchange’s professional trading platform. Eligible traders can trade up to 3X leveraged orders on USD-quoted books, which allows users to amplify their trading results through borrowing money.

This feature is geared toward both individual and institutional traders. That is because Coinbase has launched the feature attempting to fit within the boundaries of both regulations and risk considerations.

 

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