Coinbase, one of the largest cryptocurrency exchanges, announced its decision to list and cease trading for various altcoins. Coinbase announced today that it will list Arbitrum (ARB) while halting the staking process for ALGO. Here are the details…
Coinbase lists Arbitrum, one of the popular altcoins
Coinbase, one of the largest cryptocurrency exchanges in the USA, announced that it has added a new altcoin to its platform. The exchange will list Arbitrum (ARB), an Ethereum (ETH) layer-2 scaling project, on March 23. Coinbase had previously announced that it had added Arbitrum to its roadmap, to the list of cryptocurrencies under review before listing it. Arbitrum is a layer-2 scaling solution for Ethereum that aims to improve the scalability of the network, reduce transaction fees and improve the user experience.
The newly listed asset can be transferred to the exchange using the Ethereum (ERC-20) network, but users should be careful with transfers from different networks. If the liquidity conditions are met, trading will start and when sufficient supply is provided, users will be able to trade in USD parity. With Coinbase’s announcement, ARB will be listed on almost all major exchanges simultaneously. Binance, Huobi, OKX, and MEXC have also announced their intentions to list ARB. You can find the details of Arbitrum listings and airdrop in this article we prepared today.
Stopping Algorand staking
On the other hand, with the influence of regulators in the USA, Coinbase made another move. The exchange announced that it will suspend Algorand (ALGO) staking operations. Coinbase will end ALGO staking as of March 29. Rewards for the period ending on March 31 will be sent to users at the beginning of April and transactions will be suspended. However, Algorand (ALGO) trading will continue. The decision to suspend staking was not made directly by Coinbase, but as a result of regulatory measures. Staci Warden, CEO of the Algorand Foundation, said that Coinbase has announced that they are evaluating their services based on recent regulatory reviews and therefore will no longer support Algorand reward staking for individual customers.
Staking suspension, cryptocoin.com As we reported, it came the same day as the US Securities and Exchange Commission (SEC) issued a “Wells Statement” notice to Coinbase. The SEC had previously ordered Kraken to cease staking services. Kraken complied with this decision with a $30 million compensation. SEC Chairman Gary Gensler warned other exchanges about possible investigations. Coinbase has taken steps to comply with regulatory measures as US regulators become stricter on cryptocurrency exchanges. The exchange’s decision to suspend staking operations and the SEC’s recent warnings to exchanges seem to remind investors to be cautious in the crypto market.
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