Over the past few days, Coinbase is on continuous debate and unexpected boycott – this is likely a good move for other exchanges like Kraken to catch the attention of users who are no more interested in Coinbase exchange.
In a latest ‘How to Grow a Decacorn podcast’ in Episode 5, CEO of Kraken, Jessee Powell with Christina chief brand officer at Kraken discussed the ‘Killing a Brand in 2 Week’ which was majorly focused on Coinbase’s controversial Neutrino acquisition and #DeleteCoinbase boycott. To note, ‘How to Grow a Decacorn’ is a name of the podcast episodes by Kraken Crypto exchange. Accordingly, the podcast on Coinbase’s brand was the fifth episode which had published on March 07.
It can take years to build a brand and yet only 2 weeks to kill it. Kraken CEO @jespow analyzes #deletecoinbase & implications to the industry. If you can’t trust a crypto company to protect your privacy, security & civil liberties… who can you trust? https://t.co/qH0Gcfx5vE
— Kraken Exchange (@krakenfx) March 7, 2019
Kraken Likely Capturing Coinbase’s Dissatisfied Users
In view of Kraken Exchange, Coinbase has violated the privacy, security and civil liberties which forced people to delete their Coinbase’s account. In contrast, Kraken claims that their platform is built on values that Coinbase missed out – consequently, seeking users to visit the Kraken’s website to buy, sell or trade crypto.
Go to https://www.kraken.com/ to buy, sell or trade crypto with an exchange that is built on values like security, privacy and civil liberties. Go to #deletecoinbase to learn more about the topics discussed in this video.
Further highlighting the key incident happened with Coinbase since the acquisition of Neutrino, Kraken exchange says how the Coinbase Head of Sales, Christine Sandler claim their previous clients were selling data to an outside source (later Coinbase reported that she misspoke it following the contradict post of their former client). Although Coinbase comes forth to apart Ex-hacking team but the CEO of Kraken, Jesse Powell raised few questions that remained unsolved;
ehh.. not quite. It’s optics without action. No timeline on transitioning people out and they’re keeping the software. What will be the continued relationship after they’re officially not CB employees? No resolution on the conflicting statements about having done diligence vs not
Moreover, on March 03, before this podcast, Jesse objected Coinbase for ‘Culture fit’ on its Neutrino acquisition.
I'm being 100% serious tho. I actually say in the first 30 seconds of podcast ep1 about the CryptoFacilities acquisition that "if [culture fit] isn't there, you shouldn't go forward". It's a necessary condition for a deal (along with economics), unless it's a pure asset purchase.
— Jesse Powell (@jespow) March 3, 2019
Speaking continuously, exchange’s chief also revealed that ‘Kraken had already disqualified’ Neutrino in Mid Nov 2018 ahead of Coinbase’s decision of acquiring the Neutrino team (given that they know the background but acquired due to technology, as per the reports). Further, she quickly notes with Slander’s acknowledgment;
‘It makes no sense’ you are not acquiring the company but acquire people and not at look those people and their background. Kraken’s Christine unveiled Coinbase’s Neutrino acquisition decision was made in November of 2018.
Further Christine declares in Mid Nov, Kraken’s compliance team were evaluating analytics tool for STO – they show five blockchain analyst Christine Sandler that they wanted to evaluate and asses before deciding which providers to go with. She says one of those company was Neutrino. Krake’s team found that it was too risky to even consider as a solution – so it was automatically disqualified.
On top of all, Kraken compares its team with Coinbase and claims that their team had quickly disqualified Neutrino with more due diligence. Visit here to listen to podcast
So readers, do you agree with Kraken? Do you think Coinbase fails to have due diligence when acquiring Neutrino team? share your opinion with us.