Coinbase’s Meticulous Process for Listing New Coins: A Conversation with Faryar Shirzad
During a recent interview on “Bloomberg Crypto,” Coinbase’s Chief Policy Officer, Faryar Shirzad, shed some light on the rigorous process the cryptocurrency exchange employs when evaluating new coins for listing. The conversation, hosted by Tim Stenovec and Katie Greifeld, delved into the importance of security, transparency, and compliance in the ever-evolving world of digital assets.
Security is a Top Priority
“We take a very serious approach to listing assets on our platform,” Shirzad shared. “We evaluate every asset to ensure that it’s cybersecure, there’s no scam, and it’s not a security risk,” he continued.
The Evaluation Process
“The process involves a deep dive into the technology, the team behind it, and the community around it,” Shirzad explained. “We look at the technical design, the codebase, and the security measures in place to ensure it’s secure,” he added.
No Room for Scams
“We also want to make sure there’s no scam involved,” Shirzad stated. “We look at the team behind the asset, their track record, and the transparency of the project,” he continued.
Compliance is Crucial
“Finally, we ensure the asset complies with all relevant laws and regulations,” Shirzad emphasized. “We work closely with regulators to ensure we’re in compliance and that our customers are protected,” he concluded.
Trump’s MemeCoin: No Exception
“Even when it comes to a memecoin like the one associated with former President Trump,” Shirzad said, “we follow the same rigorous process.”
- According to reports, Coinbase was considering listing the former president’s memecoin, PEPE, but later decided against it.
- The decision was made due to concerns about the coin’s compliance with securities laws and regulations.
Impact on Individual Investors
For individual investors, Coinbase’s stringent listing process instills confidence in the cryptocurrency market. Knowing that every coin has been thoroughly vetted before listing helps protect investors from potential scams and security risks. It also adds a layer of legitimacy to the digital asset industry.
Impact on the World
On a larger scale, Coinbase’s approach to listing new coins can help maintain trust and stability in the cryptocurrency market. By ensuring that only secure, legitimate assets are listed, the exchange is contributing to a more transparent and trustworthy ecosystem. This, in turn, can attract more institutional investors and further legitimize the digital asset industry.
Conclusion
Coinbase’s commitment to security, transparency, and compliance is setting a high standard for the cryptocurrency exchange industry. By evaluating every coin through a rigorous process, they are protecting their customers and contributing to a more trustworthy and legitimate digital asset ecosystem. This approach not only benefits individual investors but also helps maintain the stability and growth of the cryptocurrency market as a whole.
