Coinbase Ridiculed By Kraken

Jul 15, 2018 at 07:37 Update Date :Jul 15, 2018 at 07:37 UTC

Kraken, a US-based cryptocurrency exchange, has issued a humorous comment in response to the recent decision made by Coinbase to add five new digital currencies on their platform.

Coinbase, the leader in crypto exchange and brokerage, made an announcement of exploring to list Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX), on its platform.

Through the blog, Coinbase stated that the exploration to integrate should be considered a confirmed listing. Moreover, it expressed that its interest in the tokens doesn’t infer that they wouldn’t be deemed as securities.

The company was holding back any initiative to list more coins, owing to the concern that the tokens may soon be considered as a security by the regulator while the company remains unregistered with the US Securities and Exchange Commission (SEC), till date.

On July 14, Kraken, sarcastically, claimed that it has been considering to supplement 1,600 new coins in its current portfolio, including all of the digital assets listed on CoinMarketCap.

“Exciting and important revelation for the community today. Kraken has been contemplating the exploration of maybe adding over 1600 new coins, pending the outcome of our highly sophisticated review process. For a glimpse of the possibilities [visit CoinMarketCap].” said the company.

The global cryptocurrency market welcomed the decision of Coinbase to list the additional digital “assets”, two of which (0x and BAT) conducted an initial coin offering (ICO) in 2017.

Once Coinbase successful add the assets with US Dollar support, it would benefit other crypto exchanges as they will be able to add these tokens without being in conflict with the SEC and local US financial regulations.

Coinbase also stated that the company will make similar announcements and potentially add support for new coins in the upcoming months.

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