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Coinbase considers adding 5 more cryptos

Cardano, BAT, Stellar Lumens, Zcash, and 0x all rally significantly on announcement

Coinbase

Coinbase’s homepage screen, once you log in.

Coinbase sent several cryptos rallying after it announced on Friday that it was exploring adding five more cryptocurrencies to its list of tradable assets. The exchange, one of the most popular for retail traders, said it looking at Cardano (  ), Basic Attention Token (  ), Stellar Lumens (  ), Zcash (  ), and 0x (  ).

Cardano and Stellar Lumens were up over 9.5 percent following the announcement, according to data from CoinMarketCap. The runts of the litter did even better the smaller they were: Zcash soared over 14 percent, BAT shot up 22 percent, and 0x rocketed 27 percent.

A month ago, Coinbase added Ethereum Classic (  ) to its roster. In its statement on Friday, the company explained how these five new tokens might be treated differently than Ethereum Classic:

“Unlike the ongoing process of adding Ethereum Classic, which is technically very similar to Ethereum, these assets will require additional exploratory work and we cannot guarantee they will be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet. We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses. Finally, some of these assets may be offered in other jurisdictions prior to being listed in the US.”

Coinbase added Ethereum Classic just before William Hinman, the SEC’s director of corporate finance, announced that Bitcoin and Ethereum were not securities.

Lawrence Lewitinn, CFA is editor in chief of Modern Consensus. Disclosure: Lewitinn owns no cryptocurrencies in his portfolio.