Coinbase, the U.S’s largest cryptocurrency exchange that pulls in $2.7 million USD a day, just announced a huge move for their company today on CNBC’s Fast Money. The exchange’s COO and President, Asiff Hirji, debuted on the popular segment to announce his company’s latest endeavor.
The exchange will be launching their own venture fund, focusing primarily on early seed stage startup companies aligned with Coinbase’s values. The COO said that the first step in this Coinbase fund will be around $15 million. Hirji specifically states that they will not be putting any money into tokens, as there would be the potential of conflict of interest, but more so “compelling businesses” in the blockchain space.
There have been many rumors circulating for months about Ripple (XRP) being added to Coinbase. In January, the rumors started and it caused XRP’s price to skyrocket to record highs but when the exchange told the public it had yet to make a call on new listings. After that announcement, XRP, following the rest of the crypto market continued to drop. According to sources from Bloomberg and Steemit, Ripple is being accused of incentivizing Coinbase and Gemini with $100 million worth of XRP to get them listed on the exchange.
Collin Crypto made a remark on this via Twitter saying:
Everyone freaking out about the news that $xrp offered to pay what amounts to a bribe in order to get on coinbase.
Fun fact: Binance, Cryptopia, Liqui, Kucoin, & many other exchanges all have been accepting bribes for listings for MONTHS. Your fav ICOs likely just as guilty.
— Collin Crypto (@CollinCrypto) April 4, 2018
Another Market Enthusiast, Yirmyah Fox, said:
To get a company listed on Wall Street companies pay up to 250k for an IPO to the SEC, Along with many other fees. I’d say this is probably a common practice for a lot of exchanges, if not it will be soon.
— Yirmyah Fox (@RealYirmyahFox) April 5, 2018
Two weeks ago, Coinbase announced its intentions to add ERC20 token support across its platform. The company didn’t talk about specific ERC20 coins to be added, such as EOS or TRX, at that time but it is expected to be announced shortly. Hirji said that when there is more regulatory clarity, Coinbase will start adding tokens.
Featured Image: Eleven