Coinbase threw a curveball as it announced that it would be listing fairly criticized coins such as Civic (CVC), DNT, LOOM, and Decentraland (MANA) on its Coinbase Pro platform. This announcement led to a lot of criticism for Coinbase among the community as the exchange ignored a lot of prominent coins.
Community not happy over Coinbase’s selection of coin
It came as a shocker to most of the people when Coinbase officially announced that it was launching ERC20 tokens Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA). While these projects were part of Coinbase’s ERC 20 exploration exercise, what didn’t go well with a lot of people is that Coinbase ignored a lot of prominent coins.
Even the official announcement did mention about the exchange’s decision to leave out some prominent coins, but still, that wasn’t enough to a piece the community. The exact words in the announcement were
“ We recognize that there are popular assets that we have not yet added to our platform. Our decision to add ERC20 tokens first is based on the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint. However, as noted in our earlier post, we are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis”
The prominent of the criticism came from the head analyst of The Block (of Diar Research Fame) Larry Cermak who said that its was a shocker decision from the exchange calling CVC and Mana as Zombie projects
Listing Civic and Mana is a total joke. Coinbase is losing all the credibility today. Both are literally zombie projects. I’m honestly shocked
— Larry Cermak (@lawmaster) December 7, 2018
The post was retweeted by a lot of prominent influencers clearly indicating the decision wasn’t appreciated by many.
As the criticisms for the exchange increased, Coinbase released another post on its official blog stating that it continues to explore support for the new digital asset. The post, very similar to its September announcement, noted that
“Coinbase is exploring a broad range of assets which include, in alphabetical order by symbol: Cardano (ADA), Aeternity (AE), Aragon (ANT), Bread Wallet (BRD), Civic (CVC), Dai (DAI), district0x (DNT), EnjinCoin (ENJ), EOS (EOS), Golem Network (GNT), IOST (IOST), Kin (KIN), Kyber Network (KNC), ChainLink (LINK), Loom Network (LOOM), Loopring (LRC), Decentraland (MANA), Mainframe (MFT), Maker (MKR), NEO (NEO), OmiseGo (OMG), Po.et (POE), QuarkChain (QKC), Augur (REP), Request Network (REQ), Status (SNT), Storj (STORJ), Stellar (XLM), XRP (XRP), Tezos (XTZ), and Zilliqa (ZIL)”.
The post also mentioned that although the exploration is on the exchange does not guarantee any listing yet.
What are the real reason behind selecting these coins are still unclear but definitely missing out on prominent coins is not something that has gone down well with the community Coming days would definitely tell us whether Coinbase decision to ignore prominent coins was wise or not.
What do you think of this listing decision by Coinbase? Do let us know your views on the same
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.