Why Coinbase Is Listing Little To No Known Projects?

Coinbase’s listing plans saw heavy backlash over social media as the netizens identified that the tally holds the names of many meme coins.
By Ashish Kumar
Bitcoin whales

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.

Advertisement
Advertisement

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.

Advertisement
Advertisement

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.

Advertisement
Ashish Kumar
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.