Coinbase Ceo Brian Armstrong Says There Are 1 Million New Cryptocurrencies Created Every Week on the Platform
TMTPOST -- Coinbase, the popular cryptocurrency trading platform, is grappling with an unprecedented surge in the number of new cryptocurrencies created on its platform. According to CEO Brian Armstrong, approximately one million new crypto coins are being generated each week, making individual evaluations increasingly impractical.
Founded in 2012, Coinbase has facilitated trading in major cryptocurrencies like Bitcoin and Dogecoin, achieving massive growth since going public in 2022. Now valued at $74 billion, the company employs a rigorous application process for new currency listings, assessing each coin against its proprietary digital asset framework.
However, the rapid proliferation of new coins has made this process challenging. “It’s a high-quality problem to have, but evaluating each one individually is no longer feasible,” Armstrong shared in a post on X on Sunday. He also called for regulatory reform, noting, “Regulators need to understand that applying for approval for each one is totally infeasible at this point as well (they can’t do 1M a week).”
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