{"id":10720,"date":"2022-05-12T12:03:13","date_gmt":"2022-05-12T12:03:13","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/coinbase-faces-criticism-again-for-listing-dead-and-stupid-tokens\/"},"modified":"2022-05-12T12:03:14","modified_gmt":"2022-05-12T12:03:14","slug":"coinbase-faces-criticism-again-for-listing-dead-and-stupid-tokens","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/coinbase-faces-criticism-again-for-listing-dead-and-stupid-tokens\/","title":{"rendered":"Coinbase Faces Criticism Again for Listing \u2018Dead\u2019 and \u2018Stupid\u2019 Tokens"},"content":{"rendered":"
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Source: Coinbase<\/figcaption><\/figure>\n

\u00a0<\/p>\n

The major US-based crypto exchange Coinbase<\/strong> is again facing criticism from the community after it released a new list of tokens it said are \u201cunder consideration for listing.\u201d The list includes projects that a community member described as \u201cstupid\u201d and \u201cvirtually completely dead.\u201d<\/p>\n

Among the tokens that Coinbase revealed it is considering for listing in the second quarter of this year were largely unknown Ethereum (ETH)-based ERC-20 tokens such as StudentCoin (STC), Polkamon (PMON), and Big Data Protocol (BDP). In addition, there are 42 other ERC-20 tokens and 5 Solana (SOL)-based tokens.<\/p>\n

Sharing his take on Twitter today, the popular crypto influencer Cobie called Big Data Protocol a project that was \u201cvirtually completely dead prior to [the] listing blog post.\u201d<\/p>\n

<\/oembed><\/figure>\n

He added that Big Data Protocol was a project that earlier got some attention when Tron (TRX) founder Justin Sun and crypto trading firm Alameda Research<\/strong> \u201cfarmed it with billions.\u201d However, everything came to a full stop when the smart contract \u201caccidentally locked people\u2019s assets\u201d because of a bug in the code.<\/p>\n

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\u201cNobody really heard about it ever again after that week,\u201d Cobie said.<\/p>\n<\/blockquote>\n

On the same note, Cobie also attacked StudentCoin, calling it \u201ca great 2017-ICO-style name.\u201d<\/p>\n

\u201cWhat does it do? Did they rebase supply or did it dump 80% and never recover?? Nobody knows, except Coinbase Listings Team,\u201d Cobie said.<\/p>\n

The outburst from the popular influencer today came after he has long criticized Coinbase over their listing practice. Last month, he jokingly said the exchange might just add something \u201cstupid like \u2018StudentCoin\u2019 next.\u201d<\/p>\n

Today, that prediction appears to have come true.<\/p>\n

<\/oembed><\/figure>\n

Eric Wall, chief investment officer at crypto hedge fund Arcane Assets<\/strong> jokingly replied<\/a> to the tweet, that: \u201cObviously Coinbase added StudentCoin because of this tweet to reverse-farm Cobie for likes or something.\u201d\u00a0<\/p>\n

Similarly, other leading members of the crypto community also called out the exchange.<\/p>\n

<\/oembed><\/figure>\n

Business is booming for Coinbase<\/h2>\n

Despite the backlash, listing the ever-increasing number of what many consider to be questionable tokens may have been good for Coinbase\u2019s business.<\/p>\n

The company, which is now publicly listed on the Nasdaq<\/strong> stock exchange under the ticker COIN, reported its highest quarterly revenue ever in the 4th<\/sup> quarter of 2021 of USD 2.5bn.<\/p>\n

The revenue is up from just USD 585m during the same quarter in 2020, while the company\u2019s net income has risen from USD 177m in the 4th<\/sup> quarter of 2020 to USD 855m in the 4th<\/sup> quarter of 2021.<\/p>\n

Coinbase quarterly revenue and net income:<\/strong><\/p>\n

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Source: TradingView<\/figcaption><\/figure>\n

According to Coinbase\u2019s blog post announcing the token list, the exchange\u2019s goal is to \u201clist every asset possible that meets our standards for legal, compliance and technical security.\u201d<\/p>\n

It further says that their listing considerations “do not take into account” the market capitalization or popularity of a project.<\/p>\n

____<\/p>\n

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