Online payment platform GoCoin has unveiled its top 5 criteria for admitting new alternative cryptocurrencies or altcoins. GoCoin plans to scale up its list of supported cryptocurrencies in 2015.
Until now, GoCoin has been proprietary with our internal criteria for adding coins. We just crossed our first year of operations, and are ready to give the altcoin community some helpful insight about the factors that guide our decision-making.
-said Steve Beauregard, co-founder and CEO of GoCoin.
GoCoin says it will be announcing its next round of supported coins later this quarter.
The selection guidelines for new altcoins are as follows:
1. Market Cap – top 10 on CoinMarketCap
2. Liquidity – trading on two or more reputable exchanges
3. Duration – has been around long enough to establish its value relative to other coins
4. Active community & developer support
5. Sufficient network stability and hashrate distribution to prevent a 51% attack
GoCoin last week announced that it had received 5,500 new merchant sign-ups and is now offering liability accounts in Singapore Dollars, GBP, and Euros with pricing available in 165 currencies. The company reports that it greatly exceeded its annual growth projections, initiating over 125,000 transactions and was responsible for 37 percent of all new merchants accepting digital currency in the fourth quarter of 2014.
Founded in July 2013, GoCoin has offices in Singapore, London, Douglas, Boston and Santa Monica.