Kraken CEO Highlights Coinbase’s Contradictory Actions Regarding an Open Financial System


The outcomes of the debates that began with the listing of Ripple (XRP), followed by the acquisition of the startup Neutrino has had massive effects on the crypto exchange platform CoinbaseKraken’s founder in a podcast commented on this.

The Delete Coinbase Movement

Various crypto circles on social media platforms, were seen to be trending with the hashtag #DeleteCoinbase, with its users posting images of their deleted Coinbase accounts.

Coinbase took the first hit with rumors of insider trading of the Ripple shortly after its public listing. The negative press worsened with that of Neutrino’s nucleus team that doubled as core members of an unpopular hacking firm.

The Coinbase Argument

In an attempt to calm the roaring seas, Coinbase’ director of institutional sales Christine Sandler said that the acquisition of Neutrino was based on their possession of state-of-the-art blockchain technology.

The statement by Sandler fell on deaf ears, as the community seemed even more provoked that despite the negative work history of the core members, Coinbase still went ahead to acquire Neutrino with the excuse of a technology acquisition.

After this the Coinbase CEO Brian Armstrong, made an official publication saying that they “had a gap in our diligence process”, also adding that the ex hacker members would be given the opportunity to “transition out” of Neutrino’s team.

He however made no comment on accusations of client data sales.

Jesse Powells Opinions

The CEO of Kraken Jesse Powell commented on the #DeleteCoinbase trend saying:

“I guess by sending somebody [Christine Sandler] […] kind of less affiliated with with the actual acquisition kind of gives you room to kind of test the waters like try this response and if that doesn’t play well then we’ve got like five other people who can be more authoritative on this that can try a different angle”

He then added:

“okay yeah so back to the blog post Brian Armstrong says our mission as a company is to create an open financial system for the world which is interesting and I’ve heard them say that before but it seems to contradict their actions “

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