Coinbase Recent History
First, the operation of deploying the Bitcoin Cash on their platform did not go well, as at various instances there unexpected delays and halts in tradings, while at the same time there was a significant difference in pricing. Multiple investors were able to see a substantial change in the price of Bitcoin Cash. Some saw $3,000 while others saw $8,000 and other readings.
Then, the Coinbase participants claimed that there was insider trading, which is still believed to be under investigation by Coinbase.
Lastly, the addition of Bitcoin Cash was supposed to be launched on their platform around the first quarter of 2018, yet to everyone’s surprise, it was unexpectedly added last year.
Coinbase Comments on Addition of New Assets
The cryptocurrency company might have been incentivized by these recent occurrences to clarify on how and when they will be adding new assets.
“We wanted to give our customers details about our process for adding new assets to our trading platform. Our mission is to be the most trusted and easy – to – use digital currency exchange. We believe sharing this process with our customers is an essential part of building trust.”
Again, this might be an effort to be able to put their best foot forward and move more cleanly, minimizing surprises so that there will be a lot less angry customers later on.
With a little more clarity, customers will understand their policies and thus can present a more established image as they progress to later launches.
The exchange then pointed to the release of their Digital Asset Framework which provides guidelines on how the exchange chooses what sort of assets they will deploy on their platform.
The framework which was created in collaboration with their experts will be how they review and support later additions.
The firm then clarified on the aspect of insider trading and their policies regarding that matter.
“These individuals — and all employees at Coinbase — are subject to confidentiality and trading restrictions. Coinbase will announce the addition of new assets only via our blog post or other official channels.”
They then finalize with this statement:
“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
The CEO of Coinbase on Twitter
Brian Armstrong, the Chief Financial Officer of Coinbase, tweeted out reiterate this statement:
We haven’t made any decisions to add new assets to Coinbase or GDAX at this time. Any statement to the contrary is untrue. Be careful what you believe out there!
It will be interesting to see how the firm deals with the insider trading case as well as how they will be deploying other virtual assets on to their platform.
Will be there similar experiences as customers have witnessed in the past? Or will consumers enjoy a more streamlined experience?
These events may have started with many consumers talking about the soon release of Ripple on the Coinbase platform. But after these late announcements, XRP did see a drop in its valuation from one hundred and forty-eight billion to one hundred and twenty-six billion dollars.