Coinbase just sent out a notice to cryptocurrency traders that it is getting ready to stop supporting six altcoins that were built on Ethereum.
The US-based crypto trading giant says it is getting ready to delist Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM), and Augur (REP).
From Wednesday, March 29th, you won’t be able to trade the coins anymore.
Investors will still be able to get their money out of these assets for as long as they want.
Coinbase hasn’t said why it’s getting rid of the crypto assets, but it has said that it regularly monitors the assets on our exchange to make sure they meet our listing standards.
In a May 2021 blog post, Coinbase explained what was needed for any altcoin to be added to the platform.
The exchange says it regularly checks new assets for legality, compliance, and technical security. It also checks altcoins it already accepts to make sure they still meet its standards.
In particular, the exchange looks at how centralized a coin is, if it has a real use case, if its code is secure and can be checked, and if the team behind the project has said whether the investment is an asset or a security.
