Kraken Mocks Coinbase Considering Various Coins, Says It’s “Contemplating” 1,600

Francisco Memoria
  • Crypto exchange Kraken recently mocked Coinbase's announcement claiming it was considering five different cryptocurrencies.
  • Kraken commented on Twitter it was making a big revelation, as it was "contemplating the exploration of maybe adding" 1,600 coins.

Popular cryptocurrency exchange Kraken has recently decided to sarcastically mock leading US-based exchange Coinbase over its announcement that it is “considering” adding five different cryptocurrencies.

As CryptoGlobe reported, Coinbase recently announced it’s looking into Cardano (ADA), the Brave browser’s Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) and 0x (ZRX). The company at the time revealed:

We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.

Coinbase

This, presumably, because of the Bitcoin Cash listing fiasco that saw various users accuse Coinbase of insider trading, as the cryptocurrency’s price pumped shortly before an official announcement revealed it was getting listed on the exchange was published.

Regarding the five tokens, Coinbase emphasized it hasn’t yet received approval from regulators in the US to list these tokens, as some may be considered securities. As covered, US Securities and Exchange Commission (SEC) chairman Jay Clayton only clarified decentralized cryptocurrencies like bitcoin and ethereum aren’t considered securities.

Responding to Coinbase’s announcement, Kraken sarcastically claimed it was contemplating adding 1,600 cryptocurrencies.

Notably, most investors and analysts reacted positively to Coinbase’s approach, as this way it stopped insider trading from happening. Nevertheless, all five cryptocurrencies it mentioned recorded double-digit gains, as getting listed on Coinbase means their liquidity surges, and that they will be purchasable with fiat currency.

Whenever Coinbase lists new tokens, the whole crypto ecosystem is set to benefit from added exposure. While Kraken’s humorous response was well-received, it’s worth pointing out Coinbase’s efforts with regulators are costly, but will help the market.

Kraken itself is a somewhat controversial cryptocurrency exchange. Late last year it struggled to cope with the demand created by the ecosystem’s massive bull run, and was later on accused of allowing Tether’s USDT to be used on it to manipulated BTC’s price. As covered, the exchange fought back.

Its CEO, Jesse Powell, claimed in April it wasn’t going to comply with the “insulting” probe brought forth by New York’s Attorney General Eric Schneiderman, which was comprised of a 34-point questionnaire, and had to be answered in little under two weeks. Recently, the exchange pulled out of Japan over the growing costs of their business in the country.

Wells Fargo Launches Its Own 'Digital Cash', Claims It's Not a Cryptocurrency

Financial services giant Wells Fargo has announced the launch of a settlement service called “Wells Fargo Digital Cash,” which will run on its distributed ledger technology platform.

According to the company’s announcement, Wells Fargo Digital Cash is a service that’ll bring in operational efficiencies as it’ll remove “barriers to real-time financial interactions” across its own network. The Digital Cash will “complete internal book transfer of cross-border payments” and its concept has already successfully been proven.

Lisa Frazier, head of the Innovation Group at Wells Fargo, was quoted as saying:

  • We believe DLT holds promise for a variety of use cases (…) Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.

Speaking to The Block a Wells Fargo representative reportedly clartified that Wells Fargo Digital Cash is “not a cryptocurrency” before adding it is “1:1 against a tokenized USD/fiat currency that runs on a distributed ledger rail.”

When asked whether the Digital Cash could be considered a stablecoin, the representative reportedly stressed it’s an “internal settlement service” running on a “distributed ledger rail that supports tokenized fiat currency.”

Wells Fargo’s project is planned for next year and will initially completed transfers n U.S. dollars, although in the future it’s expected to add support for multiple currencies. The settlement service has been compared to JP Morgan Chase’s JPM Coin, a cryptocurrency developed for “instantaneous” transfer of payments between the financial giant’s institutional clients.

JPM Coin is a cryptocurrency pegged to the U.S. dollar at a 1:1 ratio, and is built on JPMorgan’s Quorum blockchain. Jamie Dimon, JP Morgan Chase’s CEO, has hinted the cryptocurrency could one day be used for retail payments.

 

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