Coinbase said today it was looking into adding support for 31 cryptocurrencies, a significant step for an exchange that has historically been among the choosiest in deciding which tokens to list for trading. Until this year, Coinbase only listed bitcoin, bitcoin cash, ethereum and litecoin on its exchange, but it could now offer trading for notable cryptocurrencies like XRP, as well as several lesser-known currencies whose inclusion in Coinbase’s list caught some traders by surprise.
Coinbase users won’t be able to trade most of the cryptocurrencies right away. Coinbase has made it clear that offering trading for a token in a given jurisdiction depends on whether it complies with local law. That is the main reason why Coinbase has taken so long to expand the cryptocurrencies it lists for trading, but it means Coinbase is playing catch-up with competitors like Huobi and Binance, which already offer trading on their exchanges for hundreds of cryptocurrencies.