Customers of Coinbase – one of the largest cryptocurrency exchanges in the world – are about to get a big surprise if they are Dogecoin fans. The asset – which has recently become the fourth largest cryptocurrency by market cap – will now be supported by the San Francisco-based trading platform, meaning clients can buy, sell, and trade the currency granted they have supported payment methods attached to their accounts.
Coinbase Is Going to Support Dogecoin
Dogecoin has been in the news a lot lately, primarily because it keeps getting attention from the likes of billionaires like Elon Musk. The price has been up and down consistently over the past week, largely due to the actions and words of the Tesla CEO. No doubt this little maneuver from Coinbase is going to send it reeling and place it back in top contention once again.
Brian Armstrong – the CEO of the trading company – explained in a statement:
We plan to list Dogecoin in the next six to eight weeks… Asset addition is something that is near and dear to my heart. [Coinbase] is going to be focused on how we can accelerate asset addition in the future. There are going to be more and more assets being created in the crypto economy. I think it is going to be something, kind of like apps in the App Store or on the iPhone where there are eventually millions of these assets created over time, and so we are putting a lot of work and thought into how we accelerate our pace of asset addition, and one of those is Doge, which has been getting a lot of attention lately.
Already, Dogecoin is reacting positively to the news. The price of the currency has spiked by roughly 20 percent at the time of writing, and there is additional room for growth given the asset is set to be fully listed by summer. The currency – which began in the year 2013 as a joke – has risen to become one of the most talked about currencies in the crypto space.
Things Keep Changing Around
Paolo Ardoino – chief technology officer at Bitfinex in the British Virgin Islands – explained in an interview:
Chatter among personalities in the bitcoin space may be influencing recent price movements. Still, it is important to remember that the creator of bitcoin, Satoshi Nakamoto, remains unknown. While figures in the space will come and go, we owe everything to Satoshi and bitcoin, the undisputed king of crypto. Institutional investors continue to enter the space, while the infrastructure for the money of the future continues to be built.
Coinbase had also made headlines within the past month when it was announced that the firm would be listed publicly on the Nasdaq. The news caused bitcoin to reach a new all-time high of roughly $64,000, though it has since fallen back to $48,000.