TL; DR Breakdown
- Coinbase plans transparency in new listings
- Coinbase could change the planned tokens
- The company wants to eliminate pump and dump
One of the most famous crypto exchanges worldwide, Coinbase, has announced its coin listing for 2022. According to the San Francisco-based exchange, the move was to show transparency regarding the listing of the said tokens. In the post that was culled off the exchange’s official website, Coinbase listed 50 digital assets that could get listed during the year.
The exchange could change the planned tokens
In the blogpost, Coinbase mentioned that although it is looking into these tokens, there could be further changes depending on some factors. Out of all the tokens mentioned, the crypto exchange will list 45 and five tokens built on the Ethereum and Solana blockchain, respectively. Other tokens include stablecoin belonging to a fellow competitor in the market, Binance USD. Besides BUSD, Coinbase will list BitDAO, a project with a cumulative market cap of around $1 billion.
According to the data culled from several aggregators, BitDAO ranks in the top three positions of one of the biggest DAO projects across the market. The exchange also noted that this new method would open users up to the best type of information they need on tokens before they are listed on the platform. This will, in turn, help the company promote efficiency, transparency, and fairness.
Coinbase wants to eliminate pump and dump
Coinbase also mentioned that this will help them tackle many pumps and dumps that have always happened over the years anytime a new token is listed. It pointed out that the big hype following the token on that day will be reduced because traders will have full knowledge of how it works. Although most crypto exchanges have been victims in the past, Coinbase has faced a lot of pump and dump in the early minutes of listing, with the OMG token a noticeable one.
The token saw a massive surge of more than 200% following its listing on the crypto exchange before hitting the ground in a massive decline move. Projects in the market are also in the know about the effects of these kinds of listings. However, while traders might be interested and happy with the news, some parties are not taking it so well. Taking to Twitter, a user called out Coinbase, saying that the company was already in a new era of flopping. The exchange has also had to suffer a nightmare in India this week after suspending trading activities following a listing last week.