The post Crypto Token Listings: Binance Allegedly Seeks $100M While Coinbase Boasts No Fees appeared first on Coinpedia Fintech News
The listing of a digital asset token on major cryptocurrency exchanges is considered alpha by most projects. Moreover, listing a token on major crypto exchanges exposes the project to more global investors, thus ensuring a sustainable future growth akin to Bitcoin (BTC) over the years.
However, listing of digital asset tokens on major crypto exchanges has heavily been politicized, mostly due to the high competition in the market.
Binance vs Coinbase on Token Listing
Late last month, Moonrock Capital Simon highlighted how a tier-one crypto project experienced notable hurdles in an attempt to get listed on Binance. Simon noted that the Binance exchange requested 15 percent of the token’s total supply, which is ostensibly worth between $50M and $100M, to get listing rights.
The post stirred notable attention from the crypto community, with Coinbase attempting to showcase its friendliness. According to Coinbase CEO Brian Armstrong, Coinbase listing is free to any crypto project that meets the set requirements.
However, the claims by Armstrong have been refuted by Andre Cronje, co-founder and architect, at Sonic Labs, and Justin Sun, founder of Tron network (TRX). The two noted that Binance did not charge them anything for listing their respective tokens, unlike Coinbase which requested millions of dollars.
“Binance charged us $0. Coinbase required us to pay 500 million TRX (worth $80 million) and demanded a $250 million BTC deposit in Coinbase Custody to boost their performance,” Sun noted.
Meanwhile, Yi He, co-founder of Binance, reminded the crypto market to ignore FUD and focus on building a better industry. Moreover, Binance undertakes a thorough screening process of projects seeking to get listed.
DEXes are the Future
The use of decentralized cryptocurrency exchanges (DEXes) has exponentially grown in the past few years, especially after the downfall of FTX and WazirX. As of this report, market data provided by Coingecko shows that DEXes registered a total daily traded volume of $5.34 billion led by Uniswap (UNI), Aerodrome, Orca, Pancakeswap (CAKE), and Raydium, among others.