Can Coinbase Capitalize On Binance Becoming Less Attractive To US Crypto Investors?
San Francisco-based crypto exchange Coinbase has revealed that it is evaluating potentially launching its own initial exchange offering or security token offering, akin to the Binance Launchpad program.
Is this Coinbase following the emerging trends within the greater crypto market, or is this just the company hoping to capitalize on Binance losing its stronghold over US-based crypto investors and out-offer the competitor in its homeland?
Crypto Exchange Coinbase is Exploring IEO and STO Platforms
If 2017 was the year of the ICO boom, 2019 was the year of the IEO explosion. During the first half of the year, Binance debuted its Binance Launchpad platform designed to launch new and exciting crypto tokens with the backing and support of the exchange itself.
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It sparked an entire trend of IEO tokens and platforms at other exchanges such as Bitfinex, and crypto investors flocked to the new tokens in droves. Most of the IEO tokens were among the hottest traded altcoins across the market after they were first released, however, as soon as Binance revealed that it would be blocking US-based investors from its flagship website, the IEO craze turned south along with the rest of the altcoin market. But it is still showing signs of interest from early-bird investors looking to strike it rich.
Also proving that the IEO trend is still showing strong demand, is the fact that Coinbase has revealed that they are now considering launching an IEO or even an STO platform of their own to launch new crypto tokens to the masses.
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“We think there’s a really interesting opportunity there for Coinbase. Coinbase is carefully exploring not only the IEO space but also STOs, but I can’t make any formal announcements right now,” explained the company’s head of institutional sales in Asia, Kayvon Pirestani.
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Going For the Knockout with Binance on the Ropes in the US
But is Coinbase – normally a trendsetter and not a follower – actually following an emerging trend, or are they trying to capitalize on the rocky relationship Binance currently has with US-based investors?
During 2017, Coinbase enjoyed a large portion of the crypto market share. But after Binance exploded onto the scene instantly becoming the market leader, Coinbase has had strong competition ever since. Competition that it now could have multiple advantages over, at least in the United States where the largest portion of crypto investors reside.
Coinbase is also said to be considering launching margin trading, yet another feature that Binance was first to the punch with. However, Coinbase’s best “one-up” it has over Binance currently is the crypto exchange’s larger altcoin offering.
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Monday February 17, 2020
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Fewer coins than Coinbase No small-cap alts All pairs are against USD or USDT No margin trading
It's official! Binance US is trash pic.twitter.com/Db1VpB67wd
— Satoshi Kovacs (@SatoshiKovacs) September 19, 2019
While it may be difficult to imagine a day where Coinbase offers more altcoins than an exchange bearing the Binance name, but the US version of the crypto market poster child offers only seven assets, with only some of them being classified as altcoins alongside Bitcoin and the stablecoin Tether.
Coinbase, on the other hand, has amassed a list of over 20 altcoins and is ahead of the game when it comes to being on important US financial market regulators good side.
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