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.

Trade.io Halts Trading Amidst Market Slow Down

Michael LaVere
  • Trade.io is halting all trading activity for an undetermined period of time. 
  • The exchange cites unfavorable market conditions and rising infrastructure costs as contributing to the decision. 

Cryptoasset trading platform Trade.io has announced a halt to its trading activities amidst the market slow down, while claiming that the suspension will only be transient. 

On Oct. 22, Trade.io announced a complete suspension of trading on its platform, citing low volume and activity in the crypto markets.  The announcement reassured investors that the suspension would only be temporary, 

Trade.io is not going out of business. The crypto exchange will be archived securely and pending the financial opportunity will be reopened at a future date.

In addition to unfavorable market conditions, Trade.io said there was pressure from massive marketing budgets and increased infrastructure costs. They also called out the abundance of scam projects in cryptocurrency resulting from the lack of regulation, including exchanges posting artificially inflated volumes. 

The announcement continued, 

This is purely a profit and loss decision. Despite the success of our re-launch, it has become clear to us that in current market conditions the exchange is a long way from turning a profit. Profits (and losses) directly affect the LP payouts.

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