Coinbase Adds Trading Support for COTI, a Protocol for Decentralized Payment Networks, Stablecoins

Beginning on Friday, August 27, 2021, COTI (COTI) will be available on Coinbase.com and in the Coinbase Android and iOS apps.

Coinbase clients are now able to trade, send, receive, or store COTI in “most Coinbase-supported regions, with certain exceptions” (certain jurisdictions excluded due to regulatory restrictions or other reasons). Trading for these crypto-assets is also supported via Coinbase Pro, the US-headquartered company confirmed.

As explained by Coinbase, COTI is a digital token that’s used to power transactions on Coti, an initiative  that describes itself as a “DAG (directed acyclic graph) protocol optimized for creating decentralized payment networks and stablecoins.”

Coti uses Trustchain, a decentralized ledger that can handle more than 100,000 transactions per second (TPS), in order to “power online and offline payments, loyalty payments, stablecoins, and more.” (Note: Coinbase currently “only supports COTI running on the Ethereum blockchain (ERC-20)”).

As mentioned in the blog post from Coinbase:

“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. We announced a process for listing assets, designed in part to accelerate the addition of more cryptocurrencies.”

The exchange is also investing in various new tools to “help people understand and explore cryptocurrencies.” They’ve introduced informational asset pages and a new section of the Coinbase website “to answer common questions about crypto.”

Clients are able to sign up for a Coinbase account here to purchase, sell, convert, send, receive, or store COTI (as of August 27, 2021).

Recently, Coinbase CEO Brian Armstrong shared his views about how the company plans to further expand its business operations. During the past few years, Coinbase has grown really fast and they’ve had to focus on supporting this rapid growth by dedicating considerable resources to scaling operations.

Armstrong acknowledged how Coinbase may have not always taken the best decision possible in every situation, but he also said the firm is committed to fully supporting the nascent crypto space.

Armstrong remarked:

“At our scale, we don’t want to be shipping bleeding edge stuff that puts customers at risk, but we do need to embrace crypto-forward and always be building the future.”

He added:

“There aren’t enough crypto forward people in the world to start with, so the first step is probably to help create more. Anyone can become crypto forward (which is why I like this term better than crypto first). We need to make sure we aren’t elitist about it, and help more and more people into the ecosystem as they take their first steps. “Crypto forward” is a badge anyone can earn, not an exclusive club.”


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