Coinbase CEO Brian Armstrong has proposed rethinking the company’s current asset listing process, its virtual protocol will expand to the Solana ecosystem, and Elon Musk’s Department for Government Efficiency (DOGE) will reportedly use blockchain to track U.S. government spending. .
Brian Armstrong says Coinbase needs to ‘rethink’ its token listing process.
Brian Armstrong, CEO of Coinbase, the largest cryptocurrency exchange in the United States, has suggested rethinking the company’s asset listing process in response to the surge in token creation.
In an X post on January 24, Armstrong cited problems with the exponential growth of new tokens.
“If we’re currently doing ~1 million tokens a week and growing, Coinbase needs to rethink their listing process,” Armstrong said. He said manually valuing each token was no longer feasible and called for regulators to adopt a more pragmatic approach.
“We need to help our customers stay organized by moving from whitelists to blocklists and leveraging customer reviews and automated Onchain data scanning.”
Coinbase’s current listing process involves a multi-step approach including initial review, due diligence, and compliance checks, according to its website.
Justin Sun, founder of Tron, took JAB from Coinbase’s listing policy and pointed out that Tron (TRX), one of the top 10 cryptocurrencies by market capitalization, is under review after not being listed in seven years.
“This has nothing to do with TRX itself, but reflects Coinbase’s loss of the most basic fairness and industry judgment when it comes to new listings,” Sun said in response to Armstrong’s tweet.
Virtual expands into Solana ecosystem to establish strategic Sol Reserve
The AI agent platform Virtual Protocol has announced that it will expand into the Solana ecosystem, and industry participants say the integration will have “more impact than most people realize.”
Virtuals Protocol (Virtuals), which is already on the Ethereum Layer-2 Network Base, said its expansion to the Solana (SOL) blockchain, a Layer-1 network, is “part of our efforts to drive innovation across multiple ecosystems.” January 25th
Being on Solana and Base Chains will allow us to increase ecosystem participation, attract developers and users to Solana, and increase scalability while alleviating network congestion.
“Solana, known for its speed, scalability, and vibrant community, is the perfect place for us to grow and bring our vision to life,” said Virtuals Protocol.
Virtuals will be introducing several new features to the Solana network, including the strategic Solana Reserve, where 1% of transaction fees will be converted into SOL to “support and reward” within the ecosystem and build a reserve for creators.
Doge tracks government finances through blockchain
The Department for Government Efficiency (DOGE), led by Elon Musk, is said to be exploring tracking government spending through blockchain to reduce the federal deficit.
According to a report published by Bloomberg, Doge is also exploring the potential use of blockchain for payments and protecting data by storing it in a decentralized manner.
IMF estimates of total global government debt as of October 2024. Source: civilian floor
Sources say employees associated with DOGE have met with representatives from several public blockchain networks to discuss potential implementation of blockchain in U.S. government operations.
Following the initial report, Binance co-founder Changpeng Zhao (CZ) echoed the call to track government spending and said that all government spending in every country should be on a public ledger.