Bitcoin News

Coinbase continues to list new memecoins ahead of institutional Bitcoin ETF custody milestone

Coinbase continues to list new memecoins ahead of institutional Bitcoin ETF custody milestone


Coinbase recently announced its decision to add Bonk (BONK), a Solana network token, to its list of tradable assets, a move that adds a new memecoin to its platform amidst its involvement in institutional activities like the anticipated Bitcoin ETF custody with BlackRock.

Coinbase adds Solana-based dog token to tradeable assets.

Coinbase’s inclusion of BONK in its list of tradable assets marks a notable addition of a memecoin to its offerings, along with Shiba Inu and Dogecoin, which are in the top 20 digital assets by market cap. As of press time, BONK sits unironically in 69th position among all digital assets tracked by CryptoSlate. The integration of BONK commenced with transfer options in regions where trading is supported, starting from Dec. 14.

In parallel to adding new assets like BONK, Coinbase plays a significant institutional role in the crypto market. Notably, it’s involved in the operational framework of all current Bitcoin ETF filings, including BlackRock’s. This ETF, pending approval, is poised to be a milestone in integrating crypto with traditional financial markets.

Exchange’s pivotal role in institutional Bitcoin offerings.

As the custodian for BlackRock’s proposed Bitcoin ETF, Coinbase’s responsibilities include ensuring the security and operational efficiency of the ETF. These responsibilities are vital for compliance in the regulated U.S. securities market. Coinbase’s multifaceted roles – as a surveillance-sharing partner, custodian, prime broker, and custody provider for cash-to-Bitcoin conversion – highlight its capability to handle complex financial products.

The juxtaposition of these two developments – listing a new memecoin and involvement in a significant institutional Bitcoin ETF – presents an interesting dynamic within Coinbase’s operations. On the one hand, the addition of BONK emphasizes Coinbase’s commitment to catering to a wide range of traders and investors with varying interests in the crypto space. On the other hand, its role in BlackRock’s Bitcoin ETF signifies a deepening of crypto integration with traditional financial structures.

A balancing act between retail and institutional demand.

Coinbase’s approach to asset listing, focusing on legal, compliance, and technical security standards, applies across its diverse portfolio, from memecoins like BONK to more established cryptocurrencies. The platform’s policies appear to offer a comprehensive evaluation process, irrespective of an…

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