Coinbase once said that it would like to list as many crypto tokens on its platform as possible. It feels that Coinbase is following up on that as it announces a crypto token list of the potential listings for 2022. The list was quite long and has named 50 cryptocurrency projects that might make it to Coinbase in Q2. By listing the name of the projects, Coinbase attempts to increase transparency for its users.
Coinbase announces a crypto token list
Coinbase announced the token list on a blog on 12th April. The list includes 5 tokens on the Solana network, and the rest are on the Ethereum network. The list includes pretty big names like Binance USD, which is a stablecoin, and BitDAO, which is one of the most significant decentralized autonomous organization projects.
This new move by Coinbase is great for the markets as it will reduce speculations on coin listings. And therefore, the price of tokens will not see pumps and dumps without any reason. Sometimes, exchanges also face the issue of liquidity, which increases the price drastically, and users end up paying higher prices than the market value. That problem might also be mitigated by the previous knowledge of listings.
While most of us and even the projects might appreciate this increased transparency, a Twitter user pointed out this idea is a flop. And if you think in terms of hype, it is. But still, if users are better protected from pump and dump schemes by such a measure, it is great.
Coinbase Global is the largest cryptocurrency exchange in the United States. It is a dispersed corporation where all staff works remotely, and the company does not have a physical headquarters. The company was founded back in 2012 by Brian Armstrong and Fred Ehrsam. It allows for securely buying, selling, and transacting with cryptocurrencies. Coinbase even went public in 2021, but the stock price has fallen ever since and is now at $153 from a listing price of nearly $350. This could be attributed to the dodgy markets of cryptocurrencies since November 2021, when Coinbase was also trading at $350.
What are your thoughts as Coinbase announces a crypto token list for potential listing for transparency? And do you think this is a good move by the company? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.