ResearchCoin surges on Coinbase listing…Concerns raised over conflict of interest

JOON HYOUNG LEE

Summary

It was reported that the price of ResearchCoin jumped about 15%% following the news of its Coinbase listing in the U.S.
Coinbase announced that it would list ResearchCoin on its Ethereum-based Layer 2 network called 'Base.'
Amid concerns over a conflict of interest involving CEO Brian Armstrong, Coinbase officially stated that he did not participate in the listing review.

The price of ResearchCoin (RSC) soared following the news of its listing on the U.S. cryptocurrency exchange Coinbase. Some have also raised concerns about a potential conflict of interest involving Brian Armstrong, the CEO of Coinbase.

According to The Block on the 31st (local time), the price of ResearchCoin jumped nearly 15% intraday. ResearchCoin is the native token of the Web3 research community ResearchHub. As of 8:53 PM that day, ResearchCoin was trading at $0.7525, up about 12.5% from the previous day.

The surge in ResearchCoin was driven by the news of its listing on Coinbase. Coinbase announced the previous day (the 30th) that it would list ResearchCoin on its Ethereum (ETH)-based Layer 2 network, 'Base.'

The main issue is the concern over a conflict of interest. Brian Armstrong, the CEO, co-founded ResearchHub in 2019. Regarding this, Coinbase stated on its official X account, "ResearchCoin has no affiliation with Coinbase" and added, "Brian Armstrong does not participate in Coinbase's listing review or approval process."

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