Coinbase CEO Brian Armstrong says that the crypto exchange must reconsider how these new coins reflect for trade in view of the never-ending stream of new tokens that are made.
Post on the social media platform X, Armstrong out There are too many coins that perform a good evaluation and that applying regulatory clarity to them on an individual basis is now ‘completely unfeasible’.
“We have to reconsider our listing process on Coinbase, since ~ 1 million tokens are now created and grows. High quality problem to have, but evaluating each for one is no longer feasible. And supervisors must understand that applying for approval for every one is also completely unfeasible at present (they cannot do 1 million a week).
It must go from an all-list to a block list and use customer reviews/automated scans of data about chains etc. to help you search customers.
That and we continue to support the integration of Native Dex (Decentralized Exchange) deeper. Customers should not know or give whether the trade takes place on a DEX or CEX (centralized exchange). “
According to Coinbase.com there are 271 assets available For trade, but the number of tokens that is made every day is exponentially up.
Coinbase -Director Conor Grogan report That the crypto space is on its way to have at least 100 million tokens in circulation towards the end of the year.
Armstrong too allowed Last week that coinbase was overwhelmed by the explosion of Memecoins on Solana (SOL), which weakened The blockchain and it is difficult for the exchange to process recordings.
“Team is now working hard on scaling up our Solana Infra – many Solana activities in recent days, we did not anticipate this level of rising …
It is a scale challenging when keeping the activity on the Solana chain (which has risen lately), not on solvency. Customer funds are periodically 100% supported and controlled by Deloitte. Team works hard to solve it. “
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