Cobra of Bitcoin.org Calls Coinbase Pro a Scam in Light of Ripple’s Coin XRP Getting Inclusion
Coinbase Pro, the former GDAX exchange, has been attacked by several individuals in the cryptocurrency community. The co-founder of Bitcoin.org, Cobra, called the crypto exchange a scam. On Twitter, Cobra shared his opinion regarding one of the most popular digital asset exchanges in the market.
Cobra, who is also the co-founder of Bitcointalk.org, attacked the crypto exchange after they announced that they are adding support to XRP trading pairs to the platform. XRP is the third largest cryptocurrency in the market and enthusiasts have been waiting a very long time for Coinbase Pro to add support to XRP.
Now, it is possible to trade XRP against USD, EUR, and BTC. At the moment, XRP pairs are in post-mode only. As soon as order books expand, Coinbase Pro will make trading available.
Clearly, XRP is a very controversial digital asset that has received many critics from different communities in the crypto space. Ripple works in order to offer services to banks and financial institutions around the world. These institutions can use XRP in order to reduce costs and transaction times.
However, those that do not support XRP claim that the digital currency is very centralized and that this harms the whole cryptocurrency market. This is why Cobra labeled the exchange as “scammers.”
Larry Cermak, head analyst at The Block, commented that Coinbase seems to be getting desperate by listing XRP when there is regulatory uncertainty in the market. He went on saying that he lost all faith in the company after this announcement.
Can Coinbase get any more desperate than listing XRP at the time of ultimate regulatory uncertainty? I have honestly lost all faith in the company
— Larry Cermak (@lawmaster) February 25, 2019
The CCO of Bitrefill, John Carvalho, has also criticized the decision that was taken by Coinbase to list XRP. He mentioned that only “bagholders” can actually get excited about XRP being supported by Coinbase.
Like who is actually excited to see XRP listed at @coinbase other than bagholders. The cognitive dissonance here is so fucked up…
— John Carvalho (@BitcoinErrorLog) February 26, 2019
In the past, he has also shared his opinion about Coinbase saying that those who support Bitcoin should automatically be against Coinbase.
A few months ago, the cryptocurrency exchange added support to several other virtual currencies such as Decentraland (MANA) or Loom Network (LOOM), among others. Because of this situation, the exchange has also been highly criticized claiming that these digital assets have low liquidity and that there were other cryptos to add before these ones.
At the time of writing this article, XRP is the third largest cryptocurrency in the market. Each XRP can be purchased for $0.32 and it has a market capitalization of $13.25 billion. According to CoinMarketCap, Coinbase Pro is the 46th largest digital asset exchange in the market in terms of trading volume. In the last 24 hours, Coinbase Pro handled $82 million in trading volume.