What Does it Take to Get Listed on Coinbase? Does STEEM have a Chance?

It has now been a couple of days since Coinbase tweeted their intention to add new assets on their exchange platform. After the Bitcoin Cash debacle last year where they irrationally launched it with little notice and no transparency, they have opted to go the other way and announce the new potential assets to everyone at the same time, including their internal staff.

Some say that this is what has initiated the recent increase in prices as Coinbase is one of the largest exchanges for newer retail investors as it is one of the few whom have fiat currency trading pairs. They are also at the forefront of being a regulated exchange in the space as they have grown by acquisitions that have enabled them to work with regulators to setup exchanges around the world.

Shortly after the announcement, many user on #Steemit have wondered out of disappointment as to why #STEEM was not listed as one of the assets under review. I have since done some research as I recall that Coinbase publicly posted some of their requirements to consider assets for listing late last year due to the rumors surrounding the potential Ripple listing. So I downloaded their Digital Asset Framework guidance to review. Here they state:

"This framework is designed to provide insight into how we evaluate digital assets for listing on GDAX. It is not an endorsement of any specific asset. We reserve full and absolute discretion to list, not list, or de-list any asset for trading on GDAX regardless of how the criteria in this framework may apply to the asset. We expect this framework to evolve over time."

It is a very interesting document that lays out in general terms the factors to be considered when looking at assets to deploy on their platform. They go into very interesting details in some of these factors being taken into consideration. In general, the following are the main categories they consider for each asset:

1. Mission & Values
2. Technology
3. Legal & Compliance
4. Market Supply
5. Market Demand
6. Crypto Economics

As you review in detail, it is very similar to the due diligence process of evaluating an ICO. The approach seems to be very logical in that they want to ensure that they are listing assets that will be available for the long run in order for them to add value to the blockchain economy.

Instead of complaining about why #STEEM was not chosen, we should evaluate this framework to consider why it was not listed and think about what could be done to comply with the framework. For example, notice that none of Dan Larimer’s blockchains were listed by Coinbase. Could this be a limitation to the Team aspect of the framework in 2.2? How can the #STEEM community demonstrate that developers are actively building on the blockchain and that it has become a decentralized platform through its witnesses for the benefit of the community?

On the other hand, can we demonstrate some of the strengths #STEEM has relative to other assets being considered? For example, we can demonstrate how scalable the #STEEM blockchain in terms of total transactions and fees. Blocktivity continues to have #STEEM near the top of the list for transactions and bandwidth.

These are the questions the community should be focusing on and not complaining. I intend to continue looking at these factors and considering working on a scale as to what #STEEM needs to work on to get into the select group of assets under consideration. Whether Coinbase discloses the list again or not is unsure but we can continue to demonstrate as a community the benefits of our blockchain on its own merits.

What are your thoughts on how #STEEM performs on some of these factors? Are there any where #STEEM fails at and cannot overcome? How can we work as a community to raise these strengths and weaknesses to promote #STEEM to the world? I look forward to your thoughts and engagement in the comments below!

source: https://pro.coinbase.com/static/digital-asset-framework-2017-11.pdf

This post is part of the #minnowuprising initiative where the community, led by @taskmaster4450, is experimenting by increasing posts and upvotes for the users that fall in the majority but are not as influencing as the larger holders of #STEEM. More details about the initiative here in a recent post. Please consider participating by supporting this and other posts with the #minnowuprising tag.

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