• Coinbase has announced that it will halt trading for six cryptocurrency assets, effective September 6th.
• The affected cryptocurrencies are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI) and Voyager (VGX).
• Following the announcement, the prices of the affected tokens dropped in value.
Coinbase Suspends Trading on Six Crypto Assets
Coinbase Assets has announced that it will temporarily suspend trading for six cryptocurrency assets effective September 6th, 2023 at 9 AM PT. The affected cryptocurrencies are BarnBridge (BOND), DerivaDAO (DDX), Jupiter (JUP), Multichain (MULTI), Ooki (OOKI) and Voyager (VGX).
Coinbase’s Strict Listing Requirements
The move is motivated by Coinbase’s commitment to maintaining the highest standards of quality in its listed assets. After a thorough investigation, these six assets did not meet Coinbase’s strict listing requirements. Those who currently hold any of these assets have been given around two weeks to make necessary adjustments.
News of this decision quickly spread across internet platforms and caused a stir among traders. Within hours, the news had thousands of views and likes on Twitter as it quickly gained traction. Prices for the affected tokens dropped shortly after the announcement was made, with DerivaDAO experiencing the most significant dip at 24%. Other prices included Ooki at 0.5%, Multichain at 0.7%, Jupiter at 16%, Voyager at 6% and BarnBridge at 5%.
Multichain Facing Setbacks
Multichain has been facing serious setbacks lately, including the arrest of its CEO and issues with its bridge product launch. This move from Coinbase likely further decreases investor confidence in this asset going forward as it no longer has access to crucial services like Simple and Advanced Trade capabilities, Coinbase Pro, Coinbase Exchange or Coinbase Prime Platforms.
In conclusion, due to recent reviews conducted by Coinbase Assets, trading for the following six cryptocurrency assets will be suspended starting September 7th: BarnBridge (BOND), DerivaDAO(DDX), Jupiter(JUP), Multichain(MULTI), Ooki(OOKI) and Voyager(VGX). Investors have been given two weeks to adjust before trading activities are halted completely on these assets