Arjun Balaji, a popular crypto market commentator on Twitter who is quick to pick up on the latest news, alerted his followers recently that the large amount of digital assets that were being moved this week were not because of what many people had been assuming.
Balaji explained that “a large exchange” revealed it had been transferring the cryptocurrency as it was performing upgrades involving its storage systems and was “migrating UTXOs as part of that.”
So, all the rumors, gossip, speculation, etc. about Satoshi et al. selling their cryptocurrency was probably not true. Although Balaji did not specifically mention which exchange had been doing the shifting, a helpful assistant in the comments section pointed out that it was none other San Francisco-based digital currency trading platform, Coinbase.
Calm Down, It’s Just Coinbase Doing Maintenance
Had anyone really been paying attention, then they would have read that Coinbase informed users it would be “running scheduled maintenance … which may cause movements on all [its] supported blockchains.” In other Coinbase-related news this week, the exchange said it would be considering adding more altcoins to its trading platform.
Cryptos Coinbase might add later include XRP, EOS, Stellar (XLM), Cardano (ADA), NEO, and 26 others. In July of this year, the US-based exchange had also announced it was looking into listing other cryptoassets such as Basic Attention Token (BAT), Zcash (ZEC), and 0x. Earlier on March 26th, Coinbase said it intended to “support the Ethereum ERC20 technical standard for Coinbase in the coming months.”
Don’t Buy Into The Hype / Allegations, Looks For Facts
As Coinbase users would know, it now supports 0x, ZEC, and BAT. Some on Twitter have said that the exchange will be creating a “shitcoin paradise” if it does add all these other coins just mentioned. Some said it was “playing catch up” as other trading platforms are far ahead in terms of number of tokens they list (e.g. Binance).
Instead of going off of what random people say, regardless of however many followers they have (which doesn’t necessarily add to the person’s credibility or expertise), carefully examine the facts or research the topic. Because Coinbase is based in the US, the company, like all other companies in America, have to adhere to strict regulatory guidelines.
And, it takes time to review all these policies, implement them, inform regulators that you have made changes so they can check, etc.
ConsenSys Lays Off Staff, Other Exchange-Related News
In other exchange-related news this week, Binance CEO Changpeng Zhao disclosed that the Malta-based digital currency-focused firm is getting ready to launch its proprietary decentralized exchange blockchain (called Binancechain).
Also, Poloniex announced three days back it would be opening “institutional trading accounts.” The US-based exchange will support various different trading pairs and API interfaces (for institutions). Moreover, there will be no transaction fees for all BTC/USDC trades throughout December.
In other crypto news for the week, ConsenSys, the main organization supporting Ethereum development, was forced to fire 13% of its staff – presumably due to its resources quickly running out.