The platform has released a notification to cryptocurrency traders, informing them that it is getting ready to discontinue its backing for six alternative cryptocurrencies developed on the Ethereum platform.
The major US-based digital currency exchange has indicated that it will delist Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP).
Effective Wednesday, March 29th, these altcoins will no longer be tradeable on Coinbase. Nonetheless, investors who hold these assets will still have the option to withdraw their funds without any deadline.
It has not provided a specific explanation for why it is delisting these cryptocurrencies, other than saying that it evaluates the assets on its exchange routinely to ensure that they adhere to its listing criteria. In a blog post published in May 2021, Coinbase laid out the standards that every altcoin must meet in order to be added to its platform.
Coinbase has reported that it carries out legal, compliance, and technical security assessments whenever it adds new cryptocurrencies to its platform and also performs periodic evaluations of the altcoins it has already approved to ensure they still comply with its standards. The exchange examines various factors, such as the coin's degree of centralization, whether it serves a genuine purpose, whether its code is secure and auditable, and whether the development team has represented the investment as an asset or security.
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