GDAX released a criteria system for new coins listing

GDAX Digital Asset Framework will help GDAX team to evaluate a cryptocurrency before adding it to the listing
03 November 2017   3710

The GDAX Cryptocurrency Exchange (part of Coinbase) has developed a set of principles according to which new coins will be selected by the site management for further listing.

In a document called the GDAX Digital Asset Framework, the exchange management listed the criteria that crypto assets must meet before adding to he exchange.

In particular, the administration of the exchange will assess whether a particular asset of the mission corresponds to the values ​​of GDAX, and whether it falls within the scope of the requirements of the federal securities legislation. Also, the administration will take into account:

  • the developer's reputation
  • the ethical standards of the project team,
  • examples of real use of the crypto currency,
  • the openness of its source code,
  • various security aspects,
  • the volume of trades and
  • capitalization,
  • user support,
  • the size of commissions for transactions,
  • and more.

Customers often ask us how we decide which assets to support. By sharing this framework we hope to improve transparency and highlight the factors we evaluate when considering which new assets to support on GDAX.
This framework is not intended to be a definitive methodology, investment advice, or a commitment to support any specific asset. As the technology, use cases, and regulatory environment evolve, so too will this framework. We are committed to supporting more assets, but our priority is always to protect customer funds and comply with regulatory requirements.

Adam White
Head, GDAX

 White also added that next year GDAX will add support for several cryptocurrencies.

It should be noted that to date, GDAX has maintained an extremely conservative position in the issue of adding new crypto assets to the platform. So, at the moment the exchange supports only three "top" crypto-currencies: Bitcoin, Ethereum and Litecoin. GDAX is 7th largest cryptocurrency exchange in the world.

Coinbase to Close Chicago Office

Despite half of billion 2018 revenue, 30 employees of the biggest US crypto exchange are going to lose their jobs
24 April 2019   86

The leading cryptocurrency exchange and the wallet provider Coinbase decided to close its office in Chicago. About 30 employees will lose their jobs, said President and COO Asiff Hirji in an interview with the Wall Street Journal.

The Chicago unit focused on high-frequency trading (HFT) traders, and the potential increase in activity in this area could lead to an increase in Coinbase trading volumes and revenues. However, this direction, apparently, is no longer included in the priority list.

HFT companies play a large, albeit controversial role in the US stock and futures markets. According to some estimates, they account for about half of the daily trading volume on the stock exchanges, but more traditional investors are wary of them, suggesting that such firms take profits from them, going in and out of stocks, while slower players make deal.

Coinbase announced plans to attract HFT traders through technical updates, including speeding up the engine for matching trade requests last year.

Asiff Hirji also noted that as of the end of 2018, Coinbase had about 600 employees, and despite the elimination of 30 jobs in Chicago, the company intends to further expand this number.

Earlier this month, it was reported that in 2018, a Californian company, despite the market decline, earned about $ 520 million.