Coinbase CEO Brian Armstrong Reveals Staggering 1 Million New Cryptocurrencies Launching Weekly on the Platform!

Coinbase CEO Brian Armstrong shared that the platform sees around one million new tokens listed each week. This explosive growth makes it nearly impossible to thoroughly evaluate every single application.

Since its launch in 2012, Coinbase has become a leading exchange for digital currencies like Bitcoin and Dogecoin. After going public in 2022, its valuation soared to approximately $74 billion.

Armstrong noted on X that trying to review each new token individually is no longer practical. He emphasized that regulators also need to recognize the challenge of managing a million applications weekly.

To improve the process, Armstrong proposed shifting the current method from an “add list” to a “block list.” This would leverage customer feedback and automated blockchain scans to streamline token evaluations.

Currently, Coinbase follows a detailed six-step listing process, which includes a review request and thorough due diligence. However, this process can be lengthy and cumbersome, leading to frustration among some developers.

For example, Justin Sun, founder of the cryptocurrency Tron, mentioned that his application for a listing has been pending for seven years. Despite being a top cryptocurrency, Tron hasn’t made it onto the Coinbase platform yet.

The rise of meme coins has also contributed to the dynamic crypto landscape. These coins often start as jokes or memes but can gain significant traction and market value. Many influencers are now using their platforms to promote these coins, hoping for viral success.

One notable incident involved Hailey Welch, who introduced her meme coin, $HAWK. The coin surged in value to nearly $500 million before quickly losing its worth. Welch assured her followers that it wasn’t a scheme for quick cash gains.

Both Armstrong and voices from the broader industry are calling for clearer regulatory frameworks around cryptocurrency. This clarity will help ensure companies can remain compliant while navigating this rapidly changing market.