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 endless stream of latest 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 every week being created now and rising. Excessive-quality downside to have, however evaluating every one after the other is not possible. And regulators want to grasp that making use of for approval for each is completely infeasible at this level as effectively (they’ll’t do 1 million every 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 prospects sift by.
That and we’ll proceed integrating native DEX (decentralized alternate) assist extra deeply. Prospects shouldn’t have to know or care whether or not the commerce is occurring on a DEX or CEX (centralized alternate).”
In line with Coinbase.com, there are 271 belongings 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 area is on observe to have a minimum of 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 onerous for the alternate to course of withdrawals.
“Group is working onerous on scaling our Solana infra now – numerous Solana exercise previous couple of days, we weren’t anticipating this stage of surge…
It’s a scaling problem maintaining with exercise on Solana chain (which surged these days), not solvency. Buyer funds are 100% backed and audited periodically by Deloitte. Group is working onerous to resolve it.”
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