Close Menu
    Bitcoin

    High listing fees at crypto exchanges like Coinbase prompt scrutiny and could boost decentralized platforms

    By No Comments2 Mins Read
    HI, What is a coinbase transaction, crypto, C-man, coin

    30s Summary

    Crypto exchanges, such as Coinbase, are allegedly charging high fees – up to $330 million – to list new cryptocurrencies, despite their official stance of not charging for listings. Founder of Tron, Justin Sun, and Andre Cronje of Fantom Network have disclosed these fees publically. In contrast, Binance supposedly takes no fee. Concerns are now emerging over the future of centralized exchanges, given the rise of decentralized exchanges (DEXs). Increased listing fees may push more users towards DEXs, which have been experiencing a rising trade volume. If confirmed, the rumors could accelerate DEX growth.

    Full Article

    Some popular crypto exchanges are reportedly charging through the roof to list new digital coins. According to Tron’s founder, Justin Sun, Coinbase asked for an astonishing $330 million to list Tron (TRX). Sun’s chunky claim, made on November 4, was that Coinbase wanted 500 million TRX tokens, worth around $80 million, plus a $250 million Bitcoin deposit. This is interesting because Coinbase’s official line is that they don’t charge anything for listing new cryptocurrencies.

    Binance, on the other hand, apparently doesn’t charge any fee. These two platforms are among the biggest centralized crypto exchanges globally. Binance controls a massive 39.5% of all spot crypto trading, while Coinbase is the sixth-largest exchange, with 6.1% market share.

    It wasn’t just Sun making these claims. Andre Cronje, the guy behind Fantom Network, also said that Coinbase quoted various listing fees for Fantom (FTM), from $30 million to a jaw-dropping $300 million.

    The rant didn’t stop there. Lots of people expressed fears over the future of these centralized exchanges, predicting that decentralized exchanges, or DEXs, might take over soon. According to some, the high listing fees could drive more people to DEXs. In fact, DEX trading volumes have been on an upward curve, surpassing the monthly $250 billion in March and June this year, for the first time since December 2021.

    If these rumors are confirmed, we could see a shift in the landscape, with DEXs becoming even bigger as people grow tired of the traditional structure.

    Related Posts