Coinbase Expands Crypto Offerings with Three New Listings

New Assets and Network Diversification

The three newly listed tokens are PancakeSwap (CAKE), Subsquid (SQD), and Fartcoin (FARTCOIN). PancakeSwap (CAKE) will be available as an ERC-20 token on the Ethereum network, while Subsquid (SQD) will be supported on the Arbitrum network. Fartcoin (FARTCOIN) will be available as an SPL token on the Solana network. These additions provide fresh investment avenues for Coinbase users, enabling them to engage with projects across different blockchain technologies.

Trading Availability and Market Reaction

The new tokens are scheduled to go live for trading on June 12, becoming accessible via the Coinbase website and its mobile applications (iOS and Android). Users will be able to buy, sell, convert, send, receive, and store these assets. While the listing typically creates a "Coinbase Effect" of increased visibility and demand, the immediate price impact has varied. PancakeSwap (CAKE) saw a slight dip, while Fartcoin (FARTCOIN) and Subsquid (SQD) experienced notable daily gains in anticipation of their debut.

Ensuring Secure Transfers

Coinbase emphasizes that users must exercise caution when transferring these new tokens. It is crucial to send SPL tokens (like Fartcoin) only through Solana networks and SQD only via the Arbitrum network. Similarly, CAKE (ERC-20) transfers should strictly occur on the Ethereum network. Sending tokens through unsupported networks may result in permanent loss. This highlights the importance of understanding the specific network compatibility for each asset.