On May 26, Coinbase, a leading U.S.-based cryptocurrency exchange, took to X (formerly Twitter) to announce new crypto listings involving eight new cryptocurrencies.
The exchange officially confirmed the listings today, revealing that they are only available for trading to its German users. Apparently, the move positions Coinbase for wider adoption among crypto enthusiasts across the German region.
New crypto offerings for German users
According to the announcement, Coinbase will now allow its users within Germany to buy and sell Rocket Pool (RPL), Reserve Rights (RSR), Pudgy Penguins (PENGU), Renzo (REZ), Aethir (ATH), Syrup (SYRUP), Pendle (PENDLE), and Layer3 (L3).
German residents using the Coinbase trading platform can now buy, sell, convert, send, receive, or store these cryptocurrencies, all thanks to the latest update.
While users can seamlessly trade the assets via Coinbase’s official website or the Coinbase app, the company mentioned that the German users might need to refresh their apps to access the newly listed tokens.
As Coinbase continues to introduce new features to its trading platform, the exchange is making efforts to fortify its position as a leader in the crypto industry.
Amid the increasing demand for new crypto projects in the European market, Coinbase’s decision to add the tokens to its crypto offering poses more adoption and growth for the crypto projects.
More volume spike
Although the newly listed tokens for Coinbase’s German users have long been traded among users in other regions, the projects are set for a higher volume spike, leveraging Coinbase's reputation in the crypto ecosystem.
According to CoinMarketCap data, Pudgy Penguins, Reserve Rights, and Renzo have already amassed $97.96 million, $16.54 million, and $13.32 million in trading volume, respectively.
Syrup, Pendle, and Aethir also boast large trading volumes of $107.26 million, $61.95 million, and $41.7 million, respectively.
Rocket Pool and Layer3 have the lowest trading volumes of $5.86 million and $5.94 million, respectively. Although the direct impact of the listings on the prices of these assets cannot be immediately determined, surging adoption among traders could fuel potential price increases for the tokens.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team