Coinbase founder Jesse Pollak responded to criticism directed at the company for selling Ethereum ($ETH), stating that the company's contributions to the Ethereum ecosystem are undervalued.
Pollak stated in a social media post that Coinbase is one of the largest institutional holders of $ETH, excluding companies managing digital assets known as 'DATs'. He also argued that Coinbase has become one of Ethereum's largest clients through the Base network and that the company has significantly contributed to many developments within the EVM and Ethereum's roadmap.
Pollak said that Coinbase introduced millions of users to the Ethereum ecosystem via Base, adding: 'I don't understand why Coinbase is being attacked for selling $ETH.' The Base founder also said that Coinbase has held roughly 150,000 $ETH for many years, weathering numerous market ups and downs.
These statements came after chaskin.eth, a member of the Ethereum Foundation, wrote that much of the community's criticism of Coinbase was misdirected. chaskin.eth noted that Coinbase and its associated teams contribute to various projects playing important roles in the Ethereum ecosystem, including Base itself, USDC, cbBTC, EIP-4844, ERC-4337-based smart wallets, and x402.
Meanwhile, Pollak urged the Ethereum community to refrain from constant criticism of the protocol and companies using its ecosystem. Arguing that a hostile approach towards clients would harm the ecosystem in the long run, Pollak stated that he loves Ethereum and is satisfied with past collaborations, but the current approach has become 'absurd.'
According to Pollak, for the Ethereum ecosystem to develop, it is necessary to support companies that use the protocol and build products on it, rather than exclude them from it. He also noted that the ongoing criticism of Coinbase's selling could cause large institutional users to distance themselves from the Ethereum community.
*This is not investment advice.
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