The complexity of adding a currency
Just recently Luno has added Ethereum to their stable and for Van Rooyen he explains that the decoding process is all about the resources it takes on the company in providing the service.
“We have to look at the four different resources a new currency will drain when we come to deciding on adding another one,” Van Rooyen tells Cointelegraph. “There are the technical resources; adding the new currency into the back-end (and making sure it’s done securely), including send/receive wallets, integrating it on an exchange etc, is vital and needs to be done properly.”
“We also factor in the operational resources; securing customer funds by moving most of it between a live hot wallet and an offline cold storage environment. Community resources; educating customers on the actual use case and why the currency matters and being able to assist customers with their queries. Finally, design resources; how to fit an increasing amount of random currencies in an app that has been designed to be elegant and easy to use.”
Of course, that is the considerations that the exchanges must consider from their own side, but there are also the external factors to consider when it comes to looking at a specific coin.
