Coinbase, the leading U.S. exchange, will reassess its listing process, according to a recent social media post shared by CEO Brian Armstrong.
The change is due to the proliferation of newly created tokens. According to them, roughly a million of them get launched on a weekly basis.
Evaluating each separate token is no longer viable, according to the Coinbase head.
“It needs to move from an allow list to a block list, and utilize customer reviews/automated scans of on-chain data…to help customers sift through,” Armstrong said.
He has also promised a deeper integration of native DEX support.
The exchange has “a rigorous asset evaluation process” conducted by the exchange’s Digital Asset Listing Group (DALG) to ensure that crypto assets meet all the necessary requirements, including legal ones.
As of now, the exchange supports a total of 271 assets and hundreds of trading pairs.
Inflation is “off charts”
Financial commentator Peter Schiff, who is known as a prolific critic of the cryptocurrency industry, took a dig at the crypto market in response to Armstrong’s announcement, stating that the inflation rate of crypto tokens is “off the charts.”
“The inflation rate of digital tokens is off the charts. Almost all of these tokens are virtually identical to Bitcoin in all the ways that really matter, including a hard cap on their individual supply,” he said.
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