Will Coin Base Add New Coins? Coinbase Plans to Add New Coins, But That Doesn’t Mean Every Rumor is True

Coinbase had said they plan to add new coins in 2018. This was confirmed by Coinbase’s CEO on CNBC. However, they didn’t announce which coins will be added, or if any coin will be added for sure.[1]

In other words they said “they plan to add new coins in 2018,” but didn’t say they will for sure add new coins (subtle difference, but that is the official story).

Thus, the “rumor” going around that Coinbase plans to add new coins is essentially true!

The idea that Coinbase would add new coins in 2018 was first announced by Brian Armstrong (Coinbase’s CEO) on CNBC back in November (see the following video). Then later, it was confirmed in December when Asiff Hirji (Coinbase’s president) reiterated the intention to add more coins (see the link in the citations).[2]

However, despite this and other such teasers, Coinbase has also specifically stated that they have not decided to list any coin for sure yet (they had to make this clear after the rumor that XRP would be added went viral).

The bottom line then is this: The chances of Coinbase/GDAX adding new coins is very likely, the teaser has been put out there twice on CNBC (and in a blog post on forks and in a blog post about ERC20 tokens), but they still haven’t officially announced any coins to be listed or confirmed that any coin will be added for sure.

UPDATE: Bitcoin Cash was listed on Coinbase/GDAX in 2018. It is unknown if other coins will be listed in 2018. There is always the chance that Bitcoin Cash was the coin they were referring to… although subsequent blog posts have hinted that there is still more to come.

UPDATE 2: Despite the above, Coinbase made a clearer statement on January 4th, in part due to a rumor starting about Ripple being listed on Coinbase “for sure.” The January 4th statement states, “As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.” So, was the plan to add new coins noted in November and December a reference to Bitcoin Cash? Or, were they teasing a more general idea even though they have not officially committed to adding a specific new coin? It is hard to say. The CNBC teasers seemed pretty straightforward, but one couldn’t dismiss the subsequent official statement. See Coinbase’s Our process for adding new assets and Announcing the GDAX Digital Asset Framework.

UPDATE 3 March 2018: Coinbase Plans to add support for ERC20 tokens. This hints strongly that the initial tease on CNBC was true and that although they have no certain plans of adding coins, new coins are likely to be added in 2018.

NOTE: A coin going on Coinbase implies that it will go on GDAX as well and vice versa (since GDAX is a Coinbase owned and operated a trading platform for cryptocurrencies that uses Coinbase logins). Likewise, every policy, including the framework above, applies to both platforms.

Coinbase CEO confirms – more coins to be added in 2018!

This truism stated on CNBC as “new coins would be added in 2018,” somehow has snowballed into rumors that Ripple, Monero, Dash, and Bitcoin Cash will be added for sure so you should buy them ASAP. That is the part of the story that you need to be skeptical about.

Some people point to the fact that if you type “site:coinbase.com xrp” into Google, you can see a cached page that touts Ripple on Coinbase as proof. Others claim that they have found some other sort of proof.

The problem is, it is easy enough to fake evidence. Thus, buying based on rumor and not an official word is risky, to say the least.

Acting on rumors like that in the crypto space is gambling.

First, those who spread the rumor (true or not) have probably already started buying coins in anticipation. Second, Coinbase could end up adding any, all, or none of these in practice or add them so far into 2018 that buying now hardly makes any sense.

The crypto market can change wildly over time. Coins can go up 100% and down 50% in a week. Thus, buying now on the rumor for a long-term hold could end up not being the best move.

If you want to buy some top coins in anticipation of them being added to Coinbase, consider averaging in over time with small buys and building an average position (a basic conservative investing strategy).

If things go well you still do well, if they don’t, you have protected yourself a bit.

There could be many dips along the way before these coins are added to Coinbase/GDAX, and these coins could not be added at all.

Your strategy must account for the unknowns if you want to play it safe. Meanwhile, once they are added, we can’t be fully sure what reaction the market will have and one must account for that too.

If you believe in crypto, it makes sense to average into the top coins by market cap over time. Likewise, it can be a sound strategy to buy the rumor and set tight stops to try to make some quick gains. If you bought on the rumor earlier this week, you did well.

However, you can go very wrong if you go all-in on an internet rumor and it ends up not playing out the way the meme said it would.

You could end up holding some heavy bags if you buy the rumor and then end up waiting months for the event (which may or may not happen the way you think). Meanwhile, buying the average price over time should go a long way towards offsetting this.

Think about the content of the rumors.

  1. Coinbase is planning to add coins.
  2. No one knows for sure what coins will be added even though top altcoins are logical.
  3. Even if some top altcoins are added, there is no way to know what the final selection will be for sure.
  4. There is no way to know when the coins will be tradable on Coinbase/GDAX; if it is far enough out, buying now could end up being a worse bet than waiting.

UPDATE: Ripple increased from .25 cents to a high of over $3 after the rumor about Ripple being on Coinbase spread. Was this the only thing that led to the rise of Ripple? Not at all! Is the current valuation justified? One could make arguments either way. That is the point. The point is, the Ripple run up over this rumor shows us how common it is to “buy the rumor” in the crypto space and how willing fans of a certain coin are to spread rumors they know could be false. This is important to note because it is an ongoing trend. Even when a rumor is true, as it was with Bitcoin Cash and Coinbase, the rumor doesn’t always help the coin in the long run. Learn more about the Bitcoin Cash going on Coinbase story for a cautionary tale.

NOTE: We can’t tell you what investments to make. You’ll need to do your own research and make your own choices. If you believe in crypto, there is only so wrong you can go buying a spread of top coins over time and holding. Just remember to set stops if you are looking for short-term gains and remember that sometimes things get ugly if you are holding for the long-term.

TIP: Coinbase will release Bitcoin Cash to users who held Bitcoin during the fork in early 2018. They confirmed this plan on their blog. We don’t know if they will allow Bitcoin Cash to be traded on Coinbase/GDAX though. We only know they will make it available. For more on that topic, see the creator of Litecoin and former Coinbase employee Charlie Lee’s thoughts on Bitcoin Cash and Coinbase on Twitter.

Get $10 in free Bitcoin when you sign up at Coinbase and buy or sell $100 in Cryptocurrency
Citations

  1. GDAX/Coinbase to Add New Coins Soon, Sets Rules for Future Inclusion. Bitsonline.com
  2. Coinbase’s president reveals what’s next in the cryptocurrency craze


"GDAX/Coinbase Plans to Add New Coins in 2018" contains information about the following Cryptocurrencies:

Ripple (XRP)

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Trash Box on

GDAX will add Ripples it is a no brainer. It is the fastest system with the least likely hood of rapid movement in price out there. Oh it will spike intilly, expected, but it will settle down and be the channel by which all cryptos flow. BitCoin will remain where wealth is parked however. We need both.

Ripple will boost GDAX to a new level as people will use it to move funds quickly to other exchanges that are supporting coins GDAX does not support. So money (and therefore fees) going through GDAX will go through the roof. As GDAX is by far the premier exchange. Ripples will allow them to literally print money.

Follow the money people, follow the money.

Points to note. That garbage from fake Satoshi (AKA BitCoin Cash – oh come on what crypto fan likes it?) has let them down badly…will never be able to do what ripple can do. Never! So they need ripple and ripple need them. Watch this space. Coinbase is evidently looking for this faciality and well BitCoin Crap sorry Cash did not supply the goods. That is what you get for being a fugazi.

Caveat is Lightning but it is very far off and this will allow ripple this space to make their own.

YMMV.

Thomas DeMichele on

As many reasons for Coinbase adding Ripple as there are, Coinbase/GDAX digital asset framework essentially excludes XRP (ripple’s token).

It essentially fails the first test on the first page, decentralization (Ripple is a centralized company by most measures, although they are “making steps toward decentralizing their ledger…. maybe to aim for compliance with Coinbase standards, you never know). https://ripple.com/dev-blog/decentralization-strategy-update/ NOTE: It arguably fails other tests as well, for example 6.1 “inflation money supply”

I really don’t want to spread FUD or its antithesis, because I want to see all coins do well and all investors do well… based on natural growth (way better than new investors getting burned for the health of the market over time and way better than there being a few winners and many losers in the short term).

Still, I mean, read the framework. They would have to make an exception for Ripple or Ripple would have to work to adhere to the guidelines. Both of these are possible, but neither is confirmed.

So far Coinbase has added 5 coins in their entire existence (they used to trade Ethereum classic before Ethereum came out). Seems like they wouldn’t change their entire strategy for their 6th coin.

I’d be worried that Ripple was overhyped. But if you look at the alt market, you can see that the hype is pretty much spread out amongst many coins. Thus, I think one could argue for the current price in the current environment.

You really have to beware the rumor mill in crypto though. Lots of XRP holders decided to spam the internet with this idea that XRP would be added for sure. Yet the framework clearly dismisses this idea and then Coinbase came out and essentially dismissed it. Yet we still want to believe the rumor? That isn’t super logical.

Hold the top coins for any reason you wish, but be careful about holding them based on internet rumors alone.

https://www.gdax.com/static/digital-asset-framework-2017-11.pdf

JakeTe9 on

I hope they add Tron, Cardano, Stellar Lumens, NEO and GVT

This are best crytos to invest. 2018 will be huge. Just be careful of all this fud – fake news spreading around. Allot of manipulation is going on!

Thomas DeMichele on

You never know. Although, a coin has to fit the GDAX framework, and that isn’t easy. I think after the BCH launch they are going to be very particular with how they handle their next choice. I won’t offer my opinion one way or another, but you are right to say there is a lot of FUD going around. Crypto is a little infamous for circulating FUD. No simple way around that one.