Sign Up on MEXC
Highlights
- Former US President Donald Trump has started accepting BTC donations
- The donations are currently being processed through Lightning Network
- Coinbase has been slammed by Adam Back for taking a back role
Blockstream CEO Adam Back has called out Coinbase Exchange as a Bitcoin-hating trading platform over its perceived refusal to process BTC donations to the Donald Trump campaign organization.
Lightning Network Makes History
The whole conversation started when Bitcoin Magazine unveiled that the Lightning Network has made history as the first to process BTC payments for former US President Donald Trump. This milestone is considered another major avenue to showcase the growing adoption of key industry innovations by top politicians in the US.
As the biggest crypto trading platform in the country, many expected Coinbase would play a major role in helping to receive the payments. Weighing on the conversation, the Blockstream CEO said OpenNode, a Bitcoin infrastructure startup for business payments process is schooling Coinbase since the American trading behemoth cannot accept BTC.
An X user made an attempt to defend Coinbase, noting that accepting BTC payments is a complicated issue for the exchange owing to its regulatory scrutiny. It is worth noting that despite Coinbase’s industry positioning as a publicly traded firm, it still has multiple legal battles with the United States Securities and Exchange Commission (SEC).
While this might have been a fair getaway point for Coinbase, Adam Back chose to view things differently. He noted that the main reason behind Coinbase’s woes is because the outfit prioritizes the listing of “shitcoin.”
“no it’s really not complicated. it’s intentional. they hate bitcoin and want to promote shitcoins. there was some flimsy excuse given by another coinbase person a few months ago. which wouldn’t apply to donations but payments, and was also bullshit,” Back said in follow up posts.
Beyond Bitcoin: Coinbase Banter is Growing
The criticism and claims from the Blockstream CEO is coming despite the multiple listing from the trading platform with claims it adheres to the strictest listing standards. From earlier Coingape reports, the firm added full trading support for Shiba Inu (SHIB), FLOKI and BONK in the past week, solidifying the memecoin support claims from Back.
Besides this, Coinbase is known for network congestions, one that halts some of its operations on occasions. Many industry voices have slammed the trading platform for refusing to invest in the right infrastructure that can handle its growing user base.
Read More: Ethereum Exchange Liquidity Draining Fast, What This Means For ETH Price
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
