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Coinbase faces massive criticism over altcoin listing

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Coinbase recently decided to add support for 17 altcoins on their platform despite the internal conflicts that they are facing. The crypto community did not welcome this news as they started criticizing the decision calling it useless and what not.

Launched in 2012, Coinbase has been an important part of the crypto world as one of the biggest exchanges in the business. With their services, Coinbase has provided millions of users the access to the ecosystem of Bitcoin and other digital assets.

The San-Francisco headquartered crypto exchange revealed a blog in which they mentioned that they are planning to offer support to 17 altcoins. These are Avalanche, Celo, Chia, Coda, Dfinity, Filecoin, Handshake, Kadena, Mobilecoin, NEAR, Nervos, Oasis, Orchid, Polkadot, Solana, Spacemesh, andΒ Telegram. These altcoins were all launched in 2017-2018, and they haven’t gained much popularity yet.

The exchange and crypto supporters did not appreciate this post, and they criticized the decision immediately. Posty, a well-known trader stated that Coinbase’s products have gone down in his eyes and opinion.

A member of The Block pointed out that Coinbase’s decision of adding altcoins in their exchange won’t help them in any way as they have 0% market volume in Coinbase. There are internal conflicts in the firm as several executives have left the firm while some support this decision of adding more altcoins in the firm.

The recent move by Coinbase to support the altcoins is one of the many moves that are yet to come in the future and might shock the community again. The clientele has begun to protest for the crypto asset support and because of the recent listings. Nobody knows what their next step will be.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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