Coinbase boss Armstrong makes revelation on new crypto coins

Coinbase chief Brian Armstrong has said it is increasingly difficult to evaluate emerging crypto coins as a million new ones are created each week.

Armstrong is the CEO of Coinbase, the prominent crypto trading platform which enables users to trade the likes of bitcoin and dogecoin. Since its inception in 2012, the platform has grown exponentially, including a public offering three years ago. 

As reported by Business Insider, Coinbase is now thought to be worth $74 billion. 

“High-quality problem to have, but evaluating each one by one is no longer feasible,” Armstrong posted to X on Sunday (Jan. 26). 

“And regulators need to understand that applying for approval for each one is totally infeasible at this point as well (they can’t do 1m a week),” he continued.

https://twitter.com/brian_armstrong/status/1883329603239899346

Like all crypto exchanges, Coinbase has used an application system for all new listings that sees them measured up against the company’s existing framework. 

The CEO has indicated it could be time to “rethink” the listing process at Coinbase, to switch from an “add list” to a “block list” that uses customer reviews and automated data to assist.

Armstrong believes advocating for regulation of the crypto listing process can deliver this progress.

In line with President Trump’s growing overtures toward the crypto sector, Coinbase has added its voice to the calls for the federal government to provide clarity on the regulatory process to ensure that they remain compliant, amid an evolving situation.

With Trump launching his own meme coin in recent weeks, and his wife Melania following his lead, there is increasing optimism that positive change is on the way. 

The overall increase of new crypto coins coming into circulation includes meme coins, which are named as such as they often capture the essence of an online joke or viral content, to capitalize on short-term prominence. 

This has meant social media ‘influencers’ have created their own coins, with many leveraging their fan base and followers for traction, in search of a pot of gold. 

Image credit: Via Midjourney

The post Coinbase boss Armstrong makes revelation on new crypto coins appeared first on ReadWrite.