While U.S. users are getting geo-blocked from Binance.com this fall, the Malta-based cryptocurrency exchange is angling full steam ahead toward the launch of its recently announced platform for American traders, Binance US.
To turn that vision into reality, the exchange has created a so-called “Digital Asset Risk Assessment Framework,” and per that framework is initially considering up to 30 different cryptocurrency projects to list.
In an August 9th announcement, Binance US revealed the projects it was considering included the following assets, which the platform’s team hailed as cryptoeconomy standouts:
- Cardano (ADA)
- Cosmos (ATOM)
- Basic Attention Token (BAT)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Bitcoin (BTC)
- Dash (DASH)
- Ethereum Classic (ETC)
- Ethereum (ETH)
- Holochain (HOT)
- Chainlink (LINK)
- Loom Network (LOOM)
- Litecoin (LTC)
- Decentraland (MANA)
- Nano (NANO)
- Paxos Standard Token (PAX)
- Augur (REP)
- Ravencoin (RVN)
- TrueUSD (TUSD)
- USD Coin (USDC)
- Tether (USDT)
- VeChain (VET)
- Waves (WAVES)
- Stellar (XLM)
- Zilliqa (ZIL)
- 0x (ZRX)
The Key Takeaways
Of course, it’s not a given that all 30 of these projects will make the cut and be available on Binance US from day one, and competitors like Coinbase have previously published their own long lists of projects on listing queues.
Alas, what makes the new Binance US announcement notable is that it marks the first time an American cryptocurrency platform has officially revealed it’s looking into listing Binance Coin. That comes as no surprise since it’s Binance US we’re talking about after all. Yet if the platform successfully lists BNB with no fallout, look for others like Coinbase and Gemini to potentially follow suit.
Beyond the BNB factor, the announcement is also interesting since it shows the platform wouldn’t even have to start with all 30 of the cryptocurrencies it’s exploring to still launch with more assets than Coinbase currently offers — just over a dozen — to its American users.
It’s not that such a possibility would be the end of the world for Coinbase — rather it would arguably herald the beginning of the toughest competition the exchange has faced to date. Hitherto, Coinbase has dominated the U.S. exchange scene. Can they continue to if Binance’s American operation offers a wider selection of assets with greater rapidity?
As Binance US explained in their Friday announcement, the platform’s leadership intends to provide a “rich selection” of cryptocurrencies going forward:
“Just as few could have foreseen the rise of social media when the Internet emerged decades ago, the most revolutionary digital assets built upon distributed ledgers are likely yet to be conceptualized. It is with this vision in mind that Binance US strives to be a reliable and efficient marketplace for a rich selection of high-quality digital assets, so that our users can be part of the open and competitive market that discovers projects with true utility.”
Coinbase Has Some New Projects In Mind, Too
The Binance US news comes days after Coinbase revealed it was considering adding another eight cryptocurrencies to its own steadily growing stable of assets.
Specifically, in an August 5th blog post the San Francisco-based exchange revealed it was exploring listings for the projects Waves, Dash, Ontology, Cosmos, Decred, Algorand, Harmony, and Matic.
Notably, two of those projects — Matic and Harmony — are built atop the Binance Chain blockchain, which uses the BEP2 token standard.
The popular U.S. exchange said the possible expansion comes as part of its mission to eventually support vast swathes of assets in the cryptoeconomy:
“Coinbase’s goal is to offer support for all assets that meet our technical standards and which comply with applicable laws. Over time we expect our customers around the world will have access through Coinbase to at least 90% of the aggregate market cap of all digital assets in circulation.”