Coinbase recently made an official announcement41 that it was exploring support for waves and 7 other cryptocurrencies. The cryptocurrencies in the review included Waves, Ontology (ONT), Matic Network (MATIC), Harmony (ONE), DASH, Cosmos (ATOM), Algorand (ALGO) and Decred (DCR). Binance CEO, Changpeng Zhao responded to the update by saying that it had not included BNB in its list.
Zhao Shows Mixed Feelings
Zhao, has reacted to this new development by commenting on his Twitter handle, saying that while Coinbase has made a good choice by including two of Binance Launchpad projects’ cryptocurrencies in the list, but it seems to have to miss out on a “jem” – Binance’s native cryptocurrency, BNB. BNB is a utility token that has several uses in the Binance ecosystem including availing discounts on the trading fees.
What’s amusing in this situation is that Binance and Coinbase are two of the biggest exchanges in the cryptocurrency space, and Coinbase is considering offering support for two coins that are tied with its competitor’s project, but it is ignoring the native cryptocurrency of the competing platform.
The two Binance Launchpad cryptocurrencies which have made it to the list of the 8 tokens being considered by Coinbase are Matic network (Matic) and Harmony (ONE). Matic and ONE which were launched on the Binance LaunchPad around April and May respectively had seen considerable gains after their launch. Matic had grown over 700% while Harmony had seen an increase of 800% from IEO price as at 1st of June.
Although Coinbase clearly listed the coins up for support at this time, it also indicated that more cryptocurrencies which would correspond to regulatory scrutiny and achieve jurisdictional compliance were still in their long term list. Considering this, it is possible that BNB might as also make Coinbase’s list in the future.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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