Market News
Crypto exchanges rushed to list Trump's coin - leaving many losers and some big winners - REUTERS
By Hannah Lang, Elizabeth Howcroft, Michelle Conlin and Medha Singh
Summary
- $TRUMP was listed in an average of 4 days by exchanges, vs 129 days for other big coins
- Three crypto exchanges say they moved to list $TRUMP fast because of customer demand
- Exchanges say no corners were cut in vetting the coin for listing
- White House says Trump coin poses 'no conflicts of interest'
NEW YORK, July 14 (Reuters) - Crypto exchange Coinbase assures users on its website that it puts any new digital coin through "rigorous" vetting before allowing it to trade. It's an at-times lengthy process meant to protect customers by examining the people connected to the project and the risk of market manipulation or other scams.
With President Donald Trump's crypto token, $TRUMP, Coinbase made up its mind in just one day.
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The $TRUMP token, which launched three days before his inauguration in January, is a meme coin. Based on cultural fads or celebrities, these coins have no intrinsic value and – past experience has shown – are prone to large price swings that can leave investors with losses.
