Really Coinbase, listing Shiba?
When I started trading crypto, Coinbase barely had any coins listed. I started with Coinbase but very quickly I found Kraken, Poloniex, and Binance. Coinbase only had the legit projects that are well vetted. There is even a coinbase effect where coins pop after being listed on Coinbase.
I just learned that Shiba Inu was listed on coinbase. I have accepted Doge as a legit coin but it is hard to accept Shiba. I don't understand how billions of dollars of value is created out of thin air in a month. Now that Coinbase is involved, you have a public traded company saying they think Shiba is safe enough for their customers. I don't think the Coinbase of yesteryear would allow Shib.
Now that we have gotten that out of the way. Even though I am surprised, I am still impressed. Shiba and Doge have huge trading volumes and they are loved by millions. Coinbase is not turning away that crowd anymore. They need to attract more low volume business because that is where the money is.
Coinbase makes huge margins when you use it to buy crypto and more specifically if you don't trade enough to have low fees. The make a fortune off someone who wants to buy $1000 worth of bitcoin and then trade it for Ethereum. I think they charge half a percent on coinbase pro and I think they charge more on regular Coinbase.
The biggest threat to Coinbase is Kraken. Kraken has a new app that we are very excited to try out. Kraken has been super reliable the past couple of years and has support if you get locked out of your account. They have Monero which almost no exchanges support. Kraken is definitely one of my favorite exchanges. They don't have the same banking relationships as Coinbase and it is much harder to get Fiat into Kraken than it is to get fiat into Coinbase. Transfer to Coinbase have become pretty easy. I would say I get flagged for fraud every other time instead of every single time. Its still hard for a US Citizen to get money into the Defi Space. Go try to buy Cake at an exchange that will give you an account. It isn't easy.