Kraken listed Terra 2.0 and the CEO Jesse Powell discussed the ethics of doing so, even though the original coin was quite harmful to investors so let’s read more today in our latest altcoin news.
Jesse Powell the CEO of Kraken explained why his exchange decided to list Terra 2.0 despite the recent crash of the original chain. Most in the crypto community showed skepticism of the move because of Terra’s loss of credibility in the past month. When asked about the listing, Powell explained that he went forward with it because of the client demand but he also argued that exchanges such as Kraken have to stay competitive by ensuring that the tokens can be traded in one place:
“Not supporting 1 coin people demand could cost you the entire account. Listing isn’t an endorsement.”
Kraken was one of the many exchanges that listed Terra 2.0 and other platforms include KuCoin, FTX, Bitfinex, and Binance among other smaller alternatives. Some found the move surprising coming from Powell as he showed strogn agreement with the BTC community on some other ethical issues in the past. Many BTC critics like Nic Carter were loud about the stablecoin model both before and after the collapse. Carter was the first to question Powell and after his response, host Brad Mills of the MM POdcast continued the discussion claiming that Powell’s listing can erode the reputation of Bitcoiniers.
Powell justified the move by claiming to be agnostic and help facilitate the price discovery rather than pick the winners and the losers on the market as Kraken listed Terra 2.0. he did note that Kraken has a bar for listing coins which less than 2% of the tokens pass successfully. Terra 2.0 meet the threshold as Powell added:
“I agree it’d make a good topic for an Intelligence report.”
Powell stood firmly with the BTC supporters in his decision not to list Bitcoin Satoshi Vision which was created by Craig Wright who also claims to be Satoshi Nakamoto. The man launched plenty of lawsuits against those that denied his identity as the original BTC creator. Powell said that he was sued in 2020 for not naming BSV and BTC at Kraken but then chose not to list them anyway. The CEO was supportive of the BTC community movement to fund Canada’s freedom convoy protests in February and warned donors to remove their coins from the exchange or they will be forced by the governemnt to freeze their accounts. Kraken also became one of the first exchanges to support the BTC LN transactions and to enable faster and cheaper deposits as well as withdrawals.
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