Coinbase to Increase Transparency of Potential 2022 Listing

2022/05/07 21:34

Coinbase, the largest U.S. cryptocurrency exchange, has announced a series of tokens that could be listed in the second quarter of 2022 in an effort to increase transparency.

The exchange included a list of tokens under consideration in a blog post published on April 12, but noted that other tokens may be under consideration, without mentioning them specifically. These include 45 ERC-20 tokens on the Ethereum (ETH) network and five SPL tokens on the Solana (SOL) network.

Some coins with relatively large market caps are Binance USD (BUSD), the third largest stablecoin on the market, and BitDAO (BIT), one of the largest DAO projects, with a market cap of just over $1 billion.

The exchange said its new approach to token listings will also provide “as much information symmetry as possible.” Information symmetry promotes efficiency and fairness within markets.

It also reduces the chances of a pump-and-sell situation on listing day, as early knowledge of the listing can temper retail frenzy. While it is more common on other centralized and decentralized exchanges, Coinbase also has this type of price volatility on its listed tokens. In 2020, OMG Network (OMG) rallied 200% within 15 minutes of listing on Coinbase, only to crash soon after.

Crypto projects are aware of the attention a Coinbase listing raises, or even just the attention a potential listing might bring. Relatively small Big Data Protocol (BDP), with a market capitalization of $3.3 million, tweeted today that Coinbase is considering listing it, according to CoinGecko.

However, while increased transparency may be beneficial for investors and projects, a seasoned crypto trader with the Twitter account @12yearoldwithcc believes the prospects for a potential listing are bleak. The account tweeted today: "Coinbase is in an era of failure."

Other investors may not even have noticed Coinbase’s new transparency efforts, but many are focused on the exchange’s intention to produce a series of three films about BAYC and NFT collectibles.

Some in the crypto community were confused about Coinbase offering BAYC holders the right to use their apes in the film for $10,000, with some even warning that they should not accept it.

Overall, it has been a tumultuous week for the Coinbase exchange, as it first launched trading services in India on April 8, but abruptly suspended purchases on April 11 under pressure from the local payment services regulator. order service.

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