Coinbase CEO Brian Armstrong has said that due to the ever-growing number of coins being released, it will be necessary for the crypto exchange to change the way they list new coins.
Armstrong, posting on social media platform X says It is not possible to evaluate all the coins and apply regulatory clarity on an individual basis. “totally infeasible.”
We need to reconsider our Coinbase listing process, given that 1,000,000 tokens are created every week and this number is growing. It’s a good problem, but it isn’t feasible to evaluate each token individually. The regulators must understand, too, that it is impossible to approve each and every one (they aren’t able to do 1 million in a single week).
The system needs to switch from an allowed list to a blocked list, and use customer reviews/automatic scans of data on the chain etc. To help customers sort through.
This will be followed by a deeper integration of native DEX (decentralized trading) support. The customer shouldn’t care if the trade takes place on CEX (central exchange) or DEX (decentralized exchange).
Coinbase.com lists 271 different assets available The number of tokens created every day has skyrocketed.
Coinbase director Conor Grogan reports By the end of this year, the crypto-space is likely to see at least 100,000,000 tokens circulated.
Armstrong admitted Coinbase has been caught by surprise last week when the number of memecoins exploded on Solana.SOLThe ) which bogged down The blockchain made it difficult for exchanges to process withdrawals.
“Team is working hard on scaling our Solana infra now – lots of Solana activity last few days, we were not anticipating this level of surge…
The challenge is not one of solvency but rather scaling to keep up with the activity in Solana (which has exploded recently). Deloitte is auditing and backing all funds. “Team is trying to fix it.”
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