Coinbase Global Inc. unveiled its most extensive plan yet to address concerns about front-running tokens being considered for listing on the largest cryptocurrency exchange in the United States.
Chief Executive Officer Brian Armstrong stated in a blog post on Thursday that Coinbase is adopting new procedures so that individuals won’t be able to determine if it’s considering listing new tokens by looking at Coinbase’s blockchain activity or messing with with its software.
“While this is public data, it isn’t data that all customers can easily access,” Armstrong wrote.
Individuals acting on information before it was made public has been the subject of speculation in the past about Coinbase. In 2018, a federal judge dismissed an insider-trading lawsuit.
Coinbase is also keeping an eye out for insider trading or leaks from within the company, according to Armstrong’s blog.
He went on to say that the corporation can pay outside organisations to trace transactions and look for linkages to any Coinbase workers using blockchain forensics.
Last year, Coinbase increased the pace with which it added new tokens to its platform.
On a slew of competing exchanges, more alternatives have shown to drive trading volumes. According to data provider CoinMarketCap, Coinbase presently lists 174 coins.
In the fourth quarter, alt currencies — tokens other than Bitcoin and Ethereum — accounted for 68 percent of Coinbase’s trading volume, the biggest percentage the exchange has ever seen.
Last year, the business introduced 95 coins for trade and over 70 for its custody service.
To read our blog on “Coinbase released a version of their Web 3.0 social marketplace for NFTs,” click here.
