NewsletterWhy Coinbase Is Listing Little To No Known Projects?
U.S. crypto exchange Coinbase recently revealed its roadmap from April to June. The roadmap includes the coin listing over 45 ERC-20 tokens on the Ethereum network and 5 SPL tokens on the Solana network.
But the exchange’s listing plans saw a heavy backlash over social media as netizens opined that the tally holds the names of many low-capital and meme coins.
Twitter weighs in on Coinbase
Several users noted the lack of Fantom (FTM) and Ripple (XRP), two fairly popular tokens. Others dismissed several of the planned listings as “shitcoins.” Many users also questioned the reasoning behind the list, which appeared to be picked seemingly at random.
While some users likened the announcement to a late April fool’s joke, others questioned the almost exclusive inclusion of ERC-20 tokens. 45 of the new 50 listings are ERC-20 based.
But the platform cited different reasons for not including certain popular tokens.
The cryptocurrency exchange also received flak over announcing a film trilogy with the Bored Ape Yacht Club NFT collection. Users called the announcement ironic, given that it comes even before Coinbase has launched its own NFT marketplace.
Why so many unknown coins?
Coinbase said the list was an effort to increase transparency with its users. While the listing covered the tokens like Binance USD (BUSD) and BitDAO (BIT), it was heavily criticized for featuring relatively unknown and low-capital tokens.
Usually, listing news of any coin over famous crypto exchange platforms results in a sudden surge in the token’s price. However, in this case, it seems like investors and experts didn’t get impressed much by the revealed list. Coinbase’s Twitter post announcing the roadmap has received heavy backlash and criticism.
The crypto market hasn’t reacted like Coinbase has thought it would. The main sledging has come over the platform’s choice of selection of tokens. The netizens called out to say that why the Coinbase is adding so many never before heard coins instead of popular tokens.
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