Brian Armstrong Says Coinbase Needs To Rethink Listing Process Amid Onslaught of ~1,000,000 New Coins a Week

Coinbase CEO Brian Armstrong says that the crypto alternate might want to rethink the way it lists new cash for buying and selling given the unending stream of recent tokens being created.

Posting on the social media platform X, Armstrong says there are too many cash do conduct correct analysis and that making use of regulatory readability to them on a person foundation is now “completely infeasible.”

“We have to rethink our itemizing course of at Coinbase given there are ~1 million tokens per week being created now and rising. Excessive-quality downside to have, however evaluating every one after the other is now not possible. And regulators want to grasp that making use of for approval for every one is completely infeasible at this level as effectively (they’ll’t do 1 million per week).

It wants to maneuver from an enable checklist to a block checklist and make the most of buyer evaluations/automated scans of on-chain information and so on. to assist clients sift by means of.

That and we’ll proceed integrating native DEX (decentralized alternate) help extra deeply. Clients shouldn’t must know or care whether or not the commerce is occurring on a DEX or CEX (centralized alternate).”

Based on Coinbase.com, there are 271 property available for buying and selling, however the variety of tokens being created every day is skyrocketing exponentially.

Coinbase director Conor Grogan reports that the crypto house is on monitor to have not less than 100 million tokens in circulation by the tip of the yr.

Armstrong additionally admitted final week that Coinbase was caught off guard by the explosion of memecoins on Solana (SOL), which bogged down the blockchain and made it laborious for the alternate to course of withdrawals.

“Group is working laborious on scaling our Solana infra now – a lot of Solana exercise previous few days, we weren’t anticipating this degree of surge…

It’s a scaling problem maintaining with exercise on Solana chain (which surged recently), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Group is working laborious to resolve it.”

Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox

Examine Value Motion

Observe us on X, Facebook and Telegram

Surf The Each day Hodl Combine

Generated Picture: Midjourney