Coinbase Adds Support for Experimental Asset ARB with Cautionary Warning
Coinbase, one of the largest cryptocurrency exchanges in the world, has announced that it will be introducing support for the cryptocurrency known as Arbitrum (ARB), an ERC-20 token, on its platform. However, the exchange has also cautioned its users that this asset carries certain risks and has therefore designated it as an Experimental asset.
Coinbase will add support for Arbitrum (ARB) on the Arbitrum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets (@CoinbaseAssets) March 22, 2023
Trading for ARB set to begin on Coinbase
The exchange has warned users that if they transfer this asset via any other network, they run the risk of losing their cash. In addition, the support for ARB may be limited in some authorized jurisdictions. Coinbase has urged its users to exercise extreme caution while dealing with this asset, as it is subject to several hazards, including price fluctuations and orders being cancelled due to lesser volume and availability.
Trading for ARB is anticipated to start on March 23, 2023, provided that the liquidity requirements are met. As soon as a significant supply of this asset has been established, Coinbase plans to make an announcement on the imminent beginning of trading on the ARB-USD pair in stages.
Coinbase Reserves Right to Remove Experimental asset Label
Coinbase has added a label called “Experimental asset” to certain marketable goods that are either brand new to the platform or have very little trading activity compared to the rest of the cryptocurrency market. This helps users figure out which assets are being tested. Customers who have their accounts logged in will see that the Experimental asset label appears on the asset detail page for applicable assets when they view such assets. If they try to acquire any of these items, they will furthermore be guided through the method.
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Coinbase has urged its users to educate themselves on cryptocurrency before engaging in any kind of trading, regardless of whether or not an asset is labelled as an Experimental asset. The exchange has also reserved the right to remove the Experimental asset label if it determines that an item no longer satisfies the criteria. Overall, the introduction of support for ARB on Coinbase is a significant development for the cryptocurrency and the broader blockchain ecosystem.