Home / Archive / Kraken Mocks Coinbase, Sarcastically Claims it is Listing 1,600 Cryptocurrencies

Kraken Mocks Coinbase, Sarcastically Claims it is Listing 1,600 Cryptocurrencies

Last Updated March 4, 2021 4:10 PM
Joseph Young
Last Updated March 4, 2021 4:10 PM

Major crypto exchange Kraken recently released a sarcastic statement in response to the unforeseen decision of Coinbase to list five new digital currencies.

As CCN.com reported, on July 14, Coinbase, the world’s largest crypto exchange and brokerage, announced its finalized plan to integrate Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

While Coinbase emphasized that the company has not received the approval from regulators including the US Securities and Exchange Commission (SEC), it explained that the announcement was released to publicly express the company’s intent towards integrating the five digital assets.

Coinbase stated :

“Unlike Ethereum Classic, which is technically similar to Ethereum, these assets require additional work that necessitates contact with many external parties. To ensure that this news comes to you directly from us, we are publicly announcing our intentions. Please note that we are not guaranteeing the listing of any of these assets. We may list them with partial support, or only in specific jurisdictions. In particular, some assets may become available in other countries before the US.”

Humorous Response by Kraken

The mere announcement that Coinbase is considering listing a cryptocurrency generally leads to a price spike.

In a sarcastic statement aimed at Coinbase, Kraken claimed on July 14 that it has been contemplating to add 1,600 new coins on its platform, including all of the digital assets listed on CoinMarketCap.

“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 [visit CoinMarketCap].”

Most investors and users in the global cryptocurrency market reacted positively to the forward-thinking approach of Coinbase to list five additional digital assets, two of which (0x and BAT) conducted an initial coin offering (ICO) in 2017.

The efforts of Coinbase to list assets like 0x and BAT require additional work with local financial authorities and the SEC, which may consume a significant portion of the resources of Coinbase, but pave a way towards broader and wider crypto adoption across the global market.

Once Coinbase successfully lists tokens on its platform with US dollar support, every other crypto exchange in the market, especially in the US, will directly benefit from the result, as they will be able to add tokens, which Coinbase already added or other tokens that are in the same category as tokens on Coinbase, without being in conflict with the SEC and local US financial regulations.

Hence, while the response of Kraken may seem humorous to a small portion of the crypto community, the efforts of Coinbase to add new assets even in a period of regulatory uncertainty have to be recognized as a positive approach towards crypto adoption.

Coinbase Will Add More Assets

In the upcoming months, Coinbase said that it will make similar announcements and potentially add support for new assets. The company said:

“Going forward, you should expect that we will make similar announcements about exploring the addition of multiple assets. Some of these assets may become available everywhere, while others may only be supported in specific jurisdictions.”

Images from Shutterstock