Coinspeaker Justin Sun Reveals Tron (TRX) Listing Challenge with Coinbase
Crypto entrepreneur Justin Sun took to X to mention the huge fee that American cryptocurrency exchange Coinbase Global Inc (NASDAQ: COIN) charged to list TRX, the native token of Tron. He took this step after Brian Armstrong, Coinbase CEO, went on X to address the bottlenecks in listing assets on Centralized Exchanges (CEXs).
The Justin Sun Claims about Coinbase
Recently, several conversations have sprung up concerning the challenges faced by promising projects, especially when they try to list their tokens on high-profile exchanges. Simon Dedic, the CEO of Moonrock Capital, revealed this when he mentioned a project that struggled to get on Binance.
In response to these painful conversations, Armstrong stated that asset listings on the Coinbase exchange are completed at no cost. He even advised Dedic to drop a note through its asset hub for assistance.
Dedic has ties to a tier-1 project that recently bagged a Binance listing after a year of due diligence. Still, the exchange requested a listing fee of 15% of the total token supply. The requested asset is worth between $50 and $100 million. Therefore, Dedic voiced his displeasure, citing that exchange listing fees are unaffordable.
The Moonrock Capital CEO thinks such instances have led to the bleeding charts seen in the market. Although Armstrong tried to put Coinbase in a better light than Binance, Sun quickly informed the public that the exchange was no different.
According to the Tron founder, Coinbase charged 500 million TRX TRX $0.16 24h volatility: 0.6% Market cap: $14.25 B Vol. 24h: $399.87 M , which is equivalent to $80 million, to list TRX. He also demanded a $250 million Bitcoin BTC $68 518 24h volatility: 0.3% Market cap: $1.36 T Vol. 24h: $37.62 B deposit in Coinbase Custody to boost its performance. On the other hand, the leading cryptocurrency exchange, Binance, required the protocol to pay nothing for the same token listing.
Binance charged us $0.
Coinbase required us to pay 500 million TRX (worth $80 million) and demanded a $250 million BTC deposit in Coinbase Custody to boost their performance.
Lots of respect. But this is simply not true. https://t.co/faEgtGLLhW
— H.E. Justin Sun🌞(hiring) (@justinsuntron) November 4, 2024
Coinbase Listings Trigger Token Growth
Exchange listings are crucial to establishing crypto projects and their tokens. Due to their significant impact, they bring visibility to digital assets. While the tension about the listing fees remains, it is worth noting that Coinbase has supported many crypto projects via listings over the years.
Almost a year ago, the prominent exchange listed Solana-based memecoin Bonk BONK $0.000018 24h volatility: 0.3% Market cap: $1.25 B Vol. 24h: $170.88 M . Quite laudably, the price of the meme coin saw a 40% increase within 24 hours of the listing. By July 2024, Coinbase extended its support to Stader SD $0.54 24h volatility: 17.6% Market cap: $24.67 M Vol. 24h: $16.66 M (SD), the primary cryptocurrency of the Stader Labs platform. This news also triggered a price rally for the coin, reaching as much as 50%.
Two months ago, Coinbase made the same move with Zetachain (ZETA) and Across Protocol (ACX), adding them to its roadmap. Zetachain has a robust architecture that supports extensive cross-chain interactions, satisfying one of Coinbase’s many curiosities. The exchange also considers Across Protocol’s innovative solution for managing cross-chain transactions.
On the one hand, the exchange is expanding its platform’s offerings and broadening its user access to innovative digital assets. While it remains unknown if these projects paid per Justin Sun’s claims, the benefits of such listings to the asset can not be overemphasized.
next
Justin Sun Reveals Tron (TRX) Listing Challenge with Coinbase
