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.
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.
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: https://t.co/dmfd5yr48s— Kraken Exchange (@krakenfx) July 14, 2018
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.