An Ethereum-based (ETH) altcoin is free-falling as the largest US-based crypto exchange platform by volume announces its delisting.
In a new announcement, Coinbase says that it’s going to be delisting cross-chain token trading platform Stargate Finance V1 (STG) starting next week as it has failed to live up to listing standards.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent reviews, Coinbase will suspend trading for Stargate Finance on March 14, 2023, on or around 12pm Eastern.”
Stablecoin-focused Stargate, which uses a “LayerZero” protocol to quickly facilitate cross-chain token exchanges, is going to be upgrading to its next iteration soon, which Coinbase says will not be supported at this time.
“On March 15, 2023, Stargate Finance [will be] issuing Stargate Finance V2 with a new contract address. Coinbase will not be supporting any airdrop of Stargate Finance (V1 or V2). Coinbase will not be facilitating any upgrade from Stargate Finance V1 to Stargate Finance V2 at this time.”
Coinbase updated its listing policy in 2021 to ensure that the digital assets they’re listing are safe and in compliance with all laws. They did not mention which part of the policy Stargate Finance has failed to live up to.
News of the delisting sent STG crashing. The digital asset went from a seven-day high of $1.04 all the way down to $0.706, a 32% dip. It
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Coinbase, the largest US-based crypto exchange platform by volume, has announced that it will be delisting Stargate Finance V1 (STG), an Ethereum-based altcoin, due to it failing to meet the platform’s listing standards. The delisting will start on 14 March 2023. Stargate Finance uses a “LayerZero” protocol to facilitate cross-chain token exchanges, and is set to upgrade to its next iteration, Stargate Finance V2, soon. However, Coinbase has said that it will not be supporting the new platform. Following the announcement, STG fell 32% to a low of $0.706 before stabilising at $0.716.
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