Coinbase finds itself in the middle of a controversy, and you might guess the reason. It’s all about listing Ripple’s XRP. More than that, it also involves the acquisition of a blockchain analytics startup called Neutrino.
Both these moves seem to have had a massive impact on the crypto exchange platform.
Founder of the leading crypto exchange in the US, Kraken has detailed some of these issues in a recent podcast.
The #DeleteCoinbase movement had an adverse effect on the exchange.
There have been a few members of the community who have deleted their account and posted it on their social media.
What happened was that the crypto exchange had been hit by some shade when news which speculated insider trading of XRP surfaced.
This happened after the announcement of the XRP listing which we have to admit was something that triggered tons of enthusiasm in the XRP community of fans.
As if this were not enough, the situation escalated when Neutrino became involved.
A few community members have noticed that some core members of the Neutrino team were also a part of Hacking Team – a business that used to sell surveillance tools to governments.
A potential reason for the Neutrino acquisition
Christine Sandler, the Director of Institutional Sales, explained that the reason for which Coinbase acquired Neutrino was none other than its industry-leading tech.
As Ambcrypto reported, Jesse Powell, the CEO of Kraken, spoke about these issues along with Christina Yee, on How to Grow a Decacorn Podcast – Episode 5: Killing a Brand in 2 Weeks #DeleteCoinbase.
“I guess by sending somebody [Christine Sandler] […] kind of less affiliated with the actual acquisition kind of gives you room to kind of test the waters like try this response and if that doesn’t play well then we’ve got like five other people who can be more authoritative on this that can try a different angle,” he said among others.