Coinbase “needs to move faster” when it comes to adding new cryptocurrencies to its exchange, its CEO has admitted.
Brian Armstrong has announced that projects will now only need to answer 12 questions in order to be considered for listing — a sharp reduction from the current 70.
An “experimental” zone is also going to be launched for new assets that may have low liquidity or bugs in the code.
This follows in the footsteps of trading platforms such as Binance, which launched an Innovation Zone to give users exposure to newer token offerings.
Armstrong also declared that Coinbase will now have an “international-first mindset” to ensure that its products aren’t “hyper-focused” on the Western world — a concerted shift from services that are specifically catered to the U.S., U.K. and E.U.
Overall, the company says that it was to “increase the number of people who have access to our products and further our mission of increasing economic freedom in the world.”
One More Thing…
The CEO also announced plans to build a “crypto app store” that will ensure that third-party software is available through the Coinbase app.
In a blog post, he wrote that the crypto economy “is growing at an incredible pace” — with a new trend emerging every three months. Armstrong added:
“Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto.”
He went on to predict that products currently used by “crypto forward” customers will go mainstream in a year with institutions embracing them a few years after that, writing:
“Coinbase has shown that it can be a great crypto 1.0 company. Our next step is to show that we can be a great crypto 2.0 company.”
Some critics may argue that this could be construed as an attempt to gain greater power over the crypto landscape.