Coinbase’s Recent Hurdles

It is true that Coinbase has put up a tough fight in the past months but its competitors are not making the fight any easier, according to a new diar report.

Back in March, the exchange company announced to its traders’ glee its intention to add a support for ERC20 tokens; and 6 months later, the exchange made another announcement about restructuring its listing process, which is aimed at providing an opportunity for token creators to apply for a possible inclusion in the popular exchange platform. And just when we thought its Open Financial System may be the best card to play at the moment, its competitor has come up with a different move to knock its pawns off the board.

An addition of this nature would have caused an upsurge in price last year but with the competitor putting up a fierce fight, Coinbase might just find itself at the back burner.

You wouldn’t be wrong if you said the year so far hasn’t been a very pleasant year for the exchange in terms of cryptocurrency. The only addition it made this year, Ethereum Classic, received an apathetic welcome as it was not actually an ERC20 token and many believed that it was the handiwork of Barry Silbert of Digital Currency Group.

Although the exchange is not actually living up to the expectations of crypto-enthusiasts, I guess it is not relenting in the fight as it has made its intention of adding more cryptocurrencies known to the public.

As if that wasn’t enough, it went further to add a cryptocurrency ranking board and an educational platform. Also, Coinbase has launched the mini-version of its Index Fund. This addition is designed to enable traders to bundle the assets currently listed on the platform. While that may sound like a huge step forward, it falls short of the announcement made by Coinbase a few months ago.

Unfortunately, three of the five tokens (XCash, Stellar Lumens, ox, Cardano, and Basic Attention Token) announced that they have been added to the US exchange and the other two is now controlled by the New York Department of Financial Services.

And the light of the Open Financial System has grown dimmer as the exchange competitors have made advances in different ways by adopting Circle’s backed Stablecoin, USDC, through several reputable projects.

This first-to-market partnership across the crypto-ecosystem poses a great challenge in the actualization of the vision of an Open Financial System as proposed by Coinbase.