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Coinbase to Speed Up Process for Approving New Coins, Add DOGE: CEO

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Coinbase, known for being particularly choosy in the cryptocurrencies it lists, has decided to be a lot more inclusive, potentially bringing in a flood of new revenue as a result.

As part of the new policy, the leading U.S. exchange will be listing meme-based cryptocurrency dogecoin in the next six to eight weeks. Coinbase sat on the sidelines this year as competing exchanges raked in untold millions in trading fees on DOGE, a cryptocurrency that was started as a joke but has exploded in popularity.

Speaking on the company’s Q1 earnings call Thursday, CEO Brian Armstrong said Coinbase is also changing its process for listing coins to include digital assets that have just been minted. In the future, the company will start listing what are called “debut” coins or cryptocurrencies that have just been minted and are seeing their first day of trading. 

Related: Coinbase Rated ‘Overweight’ in Initial Coverage by Piper Sandler: Report

“We sometimes call those ‘day one listings,'” Armstrong said. “In the past, we would sort of say, ‘Has this coin reached some substantial scale?’ And then we would add it. But I think what we’re going to have to do in the future is actually be first to list the number of these coins. And that’s going to be really important to our business.”

Currently, the company evaluates cryptocurrencies based on the security of the digital asset and whether or not it could potentially be deemed a security. This is the first time the exchange’s executives have said they would list coins with no volume. 

“We’re going to have to do this in the future – be the first to list a number of these coins,” Armstrong said. 

Currently, there is a backlog of assets that the exchange needs to get to, and it’s working on accelerating its coin listing process, he added.

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