The founder of Tron network, Justin Sun has criticized Coinbase CEO, Brian Armstrong for claiming that the exchange doesn’t charge a dime for listing fees. Justin Sun made the disclosure on Monday, providing insight into the alleged demands of Coinbase to list a token.
According to a post on his page on X, Justin Sun argued that the claims of Armstrong are misleading. In the post, the founder of Tron recalled how the exchange demanded the payment of 500 million TRX worth about $80 million before listing a token.
Also, the founder of the network added that Coinbase demanded a $250 million BTC deposit in Coinbase Custody to boost the performance of the exchange. Furthermore, Justin Sun illustrated that after learning of the huge demands of Coinbase, he turned to Binance which listed the token without charging any fee.
More so, the revelation by the crypto entrepreneur surfaced in response to a post on X by Brian Armstrong. Over the weekend, Armstrong in a chat on X disclosed that assets listing on Coinbase are free.
How Andre Cronje Supported the Claims of Justin Sun
This comment generated a lot of attention from the crypto community, including Justin Sun. Similarly, renowned blockchain project developer, Andre Cronje also responded to the submission of Brian Armstrong.
In a separate post on X, Andre Cronje the founder of Yearn.fi supported the opinion of Justin Sun, explaining that the listing on Coinbase is not free. According to Cronje, Coinbase often demands money before listing a token, and they could demand as high as $300 million.
On the flip side, some cryptocurrency enthusiasts in the conversation defended Coinbase, claiming that the testimonies from Justin Sun and Andre Cronje are false. One X user commented that the situation is the opposite, explaining that Binance charges for listing while Coinbase doesn’t charge.
Growing Tension Between Two Crypto Mogul
It is worth mentioning that Justin Sun and Brian Armstrong have been at loggerheads for a while. Recently, the founder of Tron criticized the launching of cbBTC, a wrapped Bitcoin product by Coinbase.
The founder of Tron referred to the launching of the product as a dark day for Bitcoin. Additionally, Justin Sun lamented how the initiative lacks proof of reserves and audits.
Likewise, the crypto entrepreneur stated that one of the major shortcomings of the projects is how a subpoena from the US government can lead to the seizure of users’ investment in cbBTC. This comment attracted the attention of Brian Armstrong who didn’t refute claims about the centralized posture of the product.
Armstrong explained that Coinbase has always been clear about being the custodian of the underlying BTC. The CEO went on to point out how the project will create a pathway for BTC holders to explore DeFi platforms hosted on Base, a layer 2 network designed by Coinbase.
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