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Coinbase to integrate Hedera network into its roadmap

Coinbase
Coinbase

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Leading crypto exchange Coinbase has integrated a public decentralized altcoin network, Hedera (HBAR), into its listing roadmap. The development was confirmed in a blog post by the exchange on Friday. The development places the token on the path of becoming listed on its burgeoning roster of tradable digital assets.

Hedera would now begin to operate on Coinbase. According to the exchange, the HBAR network fosters security and compliance. Its holders usually employ the token to effect network fee payments or participate in staking. As of press time, HBAR trades at $0.063.

According to Coinbase, the base of coins designed its 2022 listing roadmap to enhance transparency and avert the possibility of preempting its listing plans. Two brothers, Ishan Wahi and Nikhil Wahi are currently facing trials in the US after they compromised confidential details on Coinbase’s scheduled asset listing to perpetuate insider trading fraud.

The defendants made illegal trades in at least 25 different crypto assets and realized ill-gotten gains totaling approximately $1.5 million. Now, Coinbase, in an attempt to avert a recurrence of such exploitation, decided to facilitate its latest listing roadmap more strategically.

Brian Armstrong, CEO of Coinbase, reiterates the exchange’s commitment to listing more crypto assets in the future. According to him, those assets must meet the requisites and standards of Coinbase to earn their listing on the network. 

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However, Brian expresses optimism that the exchange will list millions of assets shortly. Additionally, the CEO hopes “it doesn’t make news every time we add one in the future.”

The unveiling of the cbETH token by Coinbase

The integration of the Hedera network on Coinbase comes a few days after it unveiled its wrapped token cbETH. According to Coinbase, the new token will run as a liquid, enabling users to send or swap the asset. It will allow them to transfer or “gift” staked ETH, exit staked ETH, and use the token as collateral in DeFi.

The exchange added that the transfer of the cbETH is only achievable on the Ethereum network, stressing that users are liable to lose their funds if sent to other networks. Currently, only staking fees are charged, as ” no fees are associated with wrapping or unwrapping cbETH.”.

Meanwhile, the exchange is amidst the crypto exchanges enduring the heavy implications of the prevailing market conditions. A few months ago, it reportedly reduced its workforce after recording a decline in trading volume. According to the exchange, it will continue to cut costs to avoid a financial crisis.

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