In its recent tweet, the Kraken crypto exchange mentioned that it plans to add around 1,600 altcoins to its platform. The exchange intends to include all coins that are listed on Coinmarketcap. In its tweet, Kraken said that it has been contemplating this decision for quite some time.
The announcement evoked mixed reactions in the crypto community. Discussions on Twitter hinted that Kraken’s brand new altcoin addition plan needs to be taken in with a pinch of salt. A lot of Twitter users are of the opinion that the crypto exchange was simply trolling Coinbase, as the latter recently announced to list five more cryptocurrencies.
Despite their differences, Coinbase and Kraken do have a lot of things in common. Both these crypto exchanges are startups and offer their customers the fiat-to-crypto trading facility. Both these startups were founded around the same time and are based out of the same location, San Francisco. Apart from these factors, both these exchanges are neck-to-neck competitors in terms of the average trading volume.
Kraken crypto exchange has an edge over Coinbase in terms of purchasing altcoins, as the former offers a wider choice of cryptocurrencies. It is expected that Coinbase will add Stellar (XLM) and Zcash (ZEC) along with three other coins. Presently, the exchange features only four major cryptocurrencies that include Bitcoin Cash, Bitcoin, Ethereum, and Litecoin.
Usually, it is quite challenging to add coins for a fully regulated and reputed fiat-to-crypto exchange. As reported in CryptoComes, Coinbase clarified that listing five additional currencies does not indicate that they will be available any time on the exchange soon. The exchange will have to closely cooperate with the state regulators and banks. Whether Kraken will be able to translate its announcement into reality by adding 1,600 coins post their highly sophisticated review process, only time will tell.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]