Coinbase has just issued an alert to cryptocurrency traders, warning that it is preparing to end support for six altcoins built on Ethereum.
The US-based cryptocurrency trading giant says it is preparing to delist Rally (RLY), DFI Money (YFII), Mirror (MIR), OMG Network (OMG), Loom Network (LOOM ) and Augur (REP).
The coins will no longer be available for trading. from on Wednesday March 29.
Investors in those assets will still be able to withdraw their funds indefinitely.
Coinbase has not explicitly explained why it is removing crypto assets from its platform, other than stating that it “regularly monitors assets on our exchange to ensure they meet our listing standards.”
In a May 2021 blog post, Coinbase detailed the requirements needed for any altcoin to be listed on the platform.
The exchange says it routinely performs legal, technical, and compliance security reviews while listing new assets, and regularly reviews already accepted altcoins to ensure they continue to meet its standards.
Specifically, the exchange assesses the level of centralization of a given coin, whether it has a real use case, whether its code is secure and verifiable, and whether the team behind the project has made claims about whether the investment is an asset or a security. .
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Featured image: Shutterstock/AddOuts/Natalia Siiatovskaia