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.

Crypto Mining Hardware Manufacturer Canaan Downgrades IPO Target to $100 Million

Michael LaVere
  • Crypto mining manufacturer Canaan Creative has downgraded its IPO target price to $100 million.
  • The previous initial public offering filing had a target price of $400 million. 

Crypto mining machine manufacturer Canaan Creative has updated the terms of its initial public offering (IPO) filing to list shares on a U.S. stock exchange, which includes downgrading its target raise to $100 million. 

According to the updated filing with the U.S. Securities and Exchange Commission (SEC), Canaan has downgraded its IPO from an original target of $400 million to $100 million. The IPO was first announced at the end of October, with Canaan looking to succeed in the launch of a public offering where it’s crypto mining rig competitor Bitmain had previously failed. 

The new filing states that Canaan is aiming to offer 10 million American depositary shares at a price of between $9 and $11 per share. The updated IPO price also pegs Canaan’s diluted market value at around $1.5 billion. Last week it was reported that Canaan had generated a Q3 profit of $13 million, compared to a total net profit of $8.3 million for all of 2018.

Assuming the IPO is a success, Canaan would become the first major bitcoin mining rig manufacturer to go public in the traditional stock market. 

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