Kraken CEO Defends Terra 2.0 (LUNA) Listing Says Clients Demand Prompted the Listing

Jesse Powell said the exchange listed LUNA due to rising clients’ demand.

Following the launch of new Terra (LUNA) tokens and Terra 2.0, exchanges have indicated an interest in supporting the rebirth of the Terra network, as part of efforts to make investors whole.

Cryptocurrency exchanges such as Binance, KuCoin, Gate.io, as well as Kraken had declared they will support the rebirth of the Terra network and also make the new $LUNA tokens available for trading on their platforms.

Critics Slam Kraken’s Support for $LUNA 2.0

However, the development did not go down well with critics who feel Kraken should not continue supporting Terra ecosystem tokens that caused investors losses to the tune of over $50 billion.

Like other cryptocurrency exchanges that declared support for Terra 2.0, Kraken also took to Twitter to announce that the trading platform has also launched support for the digital currency.

The announcement triggered many who slammed the move and also questioned what prompted the exchange’s decision to still support $LUNA 2.0 despite the unfortunate incident that befell investors early last month.

“Ok guys can you stop aiding and abetting ponzi scams,” a Twitter user with the username @BTCGandalf said.

Ok guys can you stop aiding and abetting ponzi scams

— ₿itcoin Gandalf The Orange ? (@BTCGandalf) May 28, 2022

Kraken CEO Defends the Exchange

Interestingly, the comment of Nic Carter, the co-founder, and chairman of Coin Metrics, prompted Jesse Powell, the CEO and founder of Kraken exchange to disclose the reason behind the listing of the new $LUNA tokens.

With Carter asking why Kraken has decided to list $LUNA again, Powell said the move was prompted based on its clients’ demand, adding:

“There’s a weird dynamic with exchanges. Switching costs are low and people tend to want to do everything in one place for capital efficiency/synergies/convenience. Not supporting 1 coin people demand could cost you the entire account. Listing isn’t an endorsement.”

Client demand. There’s a weird dynamic with exchanges. Switching cost is low and people tend to want to do everything all in one place for capital efficiency/synergies/convenience. Not supporting 1 coin people demand could cost you the entire account. Listing isn’t an endorsement

— Jesse Powell (@jespow) May 30, 2022

Powell added in a separate tweet that the exchange is trying to be “asset-agnostic.” He noted that Kraken is trying to run its operations as best as it should, facilitating the discovery of market prices, and does not concern itself with which crypto should be considered a winner or loser.

“Fiat and most stocks are garbage but where’s the outrage? Revenue from these other coins pays for all the security, pro-BTC lobbying, and marketing,” Powell added.

We try to be as asset-agnostic as possible. We’re here to run a marketplace, facilitate price discovery, not pick winners and losers. Fiat and most stocks are garbage but where’s the outrage? Revenue from these other coins pays for all the security, pro-BTC lobbying and marketing

— Jesse Powell (@jespow) May 30, 2022

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