Blockstream CEO Adam Back Criticizes Coinbase, Here's Why!

JAKARTA - Blockstream CEO rocked the crypto world with sharp criticism of Coinbase. According to Back, Coinbase is an anti-Bitcoin platform for refusing to process BTC donations for the campaign of former US President Donald Trump.

The conversation began when Bitcoin Magazine announced that the Lightning Network made history as the first network to successfully process BTC payments for former US President Donald Trump. This achievement marks a major step in establishing the adoption of crypto industry innovation by leading political figures in the United States.

As the country's largest crypto trading platform, many expect Coinbase to play a major role in accepting the payments. However, Blockstream CEO stated that OpenNode, Bitcoin's infrastructure startup for business payments, is actually showing Coinbase how to accept BTC. The American trading giant can't do it alone.

A user named X tried to defend Coinbase saying that accepting BTC payments was a complicated matter due to regulatory oversight. Although Coinbase is a publicly traded company, the platform still faces various legal issues with the US Securities and Exchange Commission (SEC).

However, Adam Back has a different view. According to him, the main reason behind Coinbase's problem is because this platform prioritizes listing'shitcoin.'

"No, it's actually not complicated. It's intentional. They hate Bitcoin and want to promote funcoin. There are weak reasons given by someone from Coinbase a few months ago that didn't apply to donations but to payments, and that's also nonsense," Back said, quoted by CoinGape.

Criticism and claims from the Blockstream CEO have emerged although Coinbase has added many listings and claims to comply with strict listing standards. According to a CoinGape report, the company recently added full trading support for Shiba Inu (SHIB), FLOKI, and BONK, which further strengthens claims of support for Memecoins from Back.

In addition, Coinbase is also known for network bottlenecks that sometimes stop some of its operations. Much of the voice in the crypto industry criticizes this trading platform for refusing to invest in the right infrastructure to handle its growing user base.