Coinbase is listing four tokens for New York markets, in compliance with the decade-old BitLicense requirement. These assets include Subsquid (SQD), Celestia (TIA), Bittensor (TAO), and XYO.
This is the exchange’s third regional SQD listing in the last month, and the other tokens have been live for much longer. They represent a diversified portfolio approach as Coinbase’s stock keeps rising.
Coinbase’s BitLicense Listings
Coinbase, one of the world’s largest exchanges, can move asset prices with its token listings, but the story isn’t always that simple.
For example, the exchange listed Subsquid (SQD) for general audiences in mid-June, boosting it to an all-time high, but it had to list SQD separately for an EU audience. Today, SQD is one of Coinbase’s four assets about to go live in New York:
Since Coinbase already listed SQD on two separate occasions, this New York update barely caused a ripple. Bittensor went live on the platform five months ago, and Celestia got listed in 2023. XYO was even earlier than that.
It’s important to note that Coinbase has to list tokens separately in this state due to New York’s BitLicense requirement, a regulatory remnant from more anti-crypto eras.
In 2015, the state incorporated new crypto restrictions into its Financial Services Law, forcing crypto firms like Coinbase to conduct thorough risk assessments before listing any tokens. Companies also need to directly pay a $5,000 fee to obtain a BitLicense.
This controversial program has frustrated some of NYC’s local crypto initiatives, and Mayor Eric Adams unsuccessfully tried to get rid of it. Nonetheless, it remains on the books, and Coinbase has to deal with it to list these tokens.
Some of Coinbase’s other New York-specific listings also follow recent developments. Bittensor, for example, experienced a surge of fresh institutional investment last month, and Celestia surged after revealing a $100 million treasury.
XYO hasn’t had any similar breakthroughs lately, and its price declined for most of the last three months.
Meanwhile, the exchange has been experiencing a rally on Wall Street. Coinbase stock shot up over 38% in the last month, even with Ark Invest dumping its shares.
Overall, Coinbase continues to expand both in the US and across the globe. The exchange’s listing rate has evidently increased over the past months.
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