Stellar and Cardano Combined Market Cap Jumps $500m after Coinbase Tweet

Stellar and Cardano Combined Market Cap Jumps $500m after Coinbase Tweet

Both Stellar Lumens and Cardano experienced a 10% spike in their token price following a Coinbase Tweet announcing they were exploring the possibility of adding them to their exchange, adding in turn over $500 million to their combined market cap.

In total, five new digital assets are under consideration – Stellar Lumens (XLM), Cardano (ADA), Zcash (ZEC), 0x (ZRX) and Basic Attention Token (BAT).

Growing Portfolio

Ethereum Classic (ETC) was selected last month to join Coinbase’s underlying list of base trading currencies which added to a list already consisting of Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH).

If all of the new tokens and coins pass listing requirements, it would mean customers would have a choice of buying ten different assets using fiat money.

The company made it clear, however, that the new currencies would be listed later than Ethereum Classic because while ETC “…is technically very similar to Ethereum, these assets will require additional exploratory work that may result in one or more of them being listed only in specific jurisdictions, or not at all.”

In their supporting blog post, further caution was issued specifically relating to the anonymity of Zcash as it may only be possible to “…enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.”

Coinbase explained they were making the news of possible additions public at the same time as informing internal staff in order “…to remain transparent with our customers about support for future assets.”

The company have been increasingly careful in signalling its wider intentions in the wake of accusations of insider trading following the snap addition of Bitcoin Cash to their platform in 2017.