Coinbase Pro confirmed the addition of the Dash (DASH) digital coin to its trading mix, but under certain conditions. New York and the United Kingdom will be exempted from the trading launch, due to various regulatory limitations.
Coinbase Restricts Dash Anonymity Features
Dash (DASH), a coin with optionally anonymous transactions, will finally be added to Coinbase Pro. The listing of the asset however, does not promise a launch on Coinbase. Usually, assets end up being added to the wider market platform, offering retail investors the chance to buy into new coins.
Coinbase Pro has stated it will not offer the anonymous features of the coin, meaning unknown entities will not be able to deposit, nor withdraw anonymously.
— Dash News (@DashpayNews) September 12, 2019
Deposits will be opened on Monday, September 16, and trading will start in phases when Coinbase sees evidence of sufficient activity. DASH will be exchanged in pairs with the USD and Bitcoin (BTC).
Exchanges Remain Skeptical of Anonymous Coins
DASH is one of the oldest digital coins, relying on proof-of-stake mining along with Master Nodes for an extra security layer. But the adoption of DASH has been slower than expected, mostly due to the anonymous features of the coin. For that reason, DASH has been batched together with the likes of Monero (XMR) and ZCash (ZEC).
Exchanges have therefore been very cautious about listing DASH. Japanese operators abandoned the coin months ago. More recently, Cex_io, the London-based exchange, ousted the cryptocurrency along with ZEC. Coinbase UK also abandoned ZEC, after changing its banking partner.
Although DASH is no longer a top-five coin, it has maintained a steady price level. The token gained on Friday, reaching a price of $86.76, up nearly 5% overnight. It was also one of the few digital coins to trade above $1,000 during the bull market in late 2017.
The anonymous cryptocurrency project was created in 2014, and is one of the few digital coins that offers an active community and a voting mechanism on improvements. One of the barriers to its adoption is the relatively high price of owning a Masternode, which requires a 1,000 DASH collateral.
However, the network faced problems with potential attacks both through mining and impersonating Masternodes. The team has been working on solutions to make the network more secure. Mining is also becoming more appealing in the past months, rising by about 30% to above 3 petahashes per second.
What do you think about Coinbase Pro adding Dash on a limited basis? Let us know your thoughts in the comment section below!
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