Coinbase, the largest United States based digital asset trading platform, announced it will suspend the trading of six cryptocurrencies from its platform as part of its routine internal review.
Which 6 Altcoins are getting delisted?
On August 23, the company revealed on X, it will delist – BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), & Voyager (VGX), stating that it periodically monitors the assets on the exchange to ensure they meet the company’s listing standards.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI), & Voyager (VGX) on September 6, 2023, around 9AM PT.
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 23, 2023
As per the announcement, the exchange informed its customers that trading of these altcoins will be suspended across all levels, including basic and advanced levels, and across all platforms, including Coinbase Pro, Coinbase Exchange, and Coinbase Prime. The suspension will take effect on September 6, 2023.
It seems the move move may be indicative of the company tightening policies on altcoins as it prioritizes regulatory compliance. The delisting of the cryptocurrencies from Coinbase coincided with a sharp drop in value for all six cryptocurrencies. According to CoinMarketCap, BarnBridge (BOND) dropped 5.46% in the last 24 hours, DerivaDAO (DDX) with a market cap of $5,086,000, fell more than 24%.
Meanwhile, the other tokens also suffered a substantial drop with Jupiter (JUP) and Voyager (VGX) slipping 16% and 6% in the last 24 hours, respectively. In the same time frame, Multichain (MULTI) and Ooki (OOKI) also had a precipitous drop.
Coinbase Acquires Stake in Circle
The announcement comes shortly after the company said it would acquire an equity stake in cryptocurrency operator Circle Internet Financial and shut down their jointly managed Centre Consortium, the operator of the stablecoin, USD Coin (USDC). In an official blogpost, the cryptocurrency exchange wrote,
“This means that Coinbase and Circle will now have even greater strategic and economic alignment on the future of the financial system. The company is committed to the long term success of the stablecoin ecosystem and USDC, specifically.”
Coinbase has taken an equity stake in @circle to continue our alignment and investment in the long term success of stablecoins and specifically USDC.
— Coinbase 🛡️ (@coinbase) August 21, 2023
Furthermore, earlier this month, the company decided to make adjustments to its debt buyback program in response to less-than-expected demand. Since the program’s initiation earlier in the month, the company recently announced that bondholders had tendered slightly over $50 million worth of bonds, falling significantly short of the intended $150 million target.
This means the buyback initiative will see the San Francisco-based company re-purchase up to $150 million of its $1 billion bonds set to mature in 2031. It will see Citigroup Global Markets managing the offer.