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, and 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.
Do they not realise that adding the shittest of shitcoins is not the answer to their problems.
When I first joined crypto, #Coinbase was a reputable service for buying selected high caps via a great UI/UX.
Just reduce the fees and move with the times, it’s that simple… https://t.co/wtxyVflUDv
— Posty (@Crypt_Malone) September 20, 2019
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.
CoInBAsE Is ExPloRinG NeW AsSets pic.twitter.com/kwqtQDeMhY
— 𝕊𝕥𝕖𝕧𝕖𝕟 (@Dogetoshi) September 19, 2019
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.