OPEN LETTER TO COINBASE Subject: Request for Transparency and Fair Listing Practices for Kaspa (KAS) on Coinbase As a foundation dedicated to promoting Kaspa (KAS), the Kaspa Industrial Initiative (Kii) is writing this open letter to respectfully request clarification regarding the status of KAS's application for listing on the Coinbase platform. This letter also serves to inform the Kaspa community of our ongoing efforts and to address broader concerns in the cryptocurrency space about fair listing practices and transparency. We acknowledge Mr. Armstrong’s November 2nd, 2024, tweet claiming “free listings“ . However, this contradicts public reports of substantial listing fees, raising serious questions about potential material misrepresentations under securities law. This lack of transparency erodes trust and necessitates a clear and forthright response from Coinbase. Despite Kaspa’s repeated attempts to engage with Coinbase, no response has been received to date. The timeline of the attempts includes: • October 7, 2022: Initial introduction of Kaspa and correspondence with Francisco Esqueda at Coinbase. • October 11, 2022: Coinbase Asset Hub questions submitted. • January 8, 2023: Formal application submitted via Asset Hub (screenshot confirmation available). • Date approximately one month ago: Resubmission of a revised application. Mr. Armstrong’s public call for applications and invitation to “drop us a note”, even after our initially fruitless earlier requests, encourages the KAS community and us to reiterate our request for a Kaspa listing. We strongly suggest that Coinbase evolve its Asset Hub process to be genuinely inclusive of all legitimate cryptocurrency projects, regardless of their organisational structure. Currently, the requirement for information inherently unavailable to truly decentralised projects like Kaspa and indeed, Bitcoin itself—creates an uneven playing field and undermines the core principles of decentralised cryptocurrency. This structure risks inadvertently favouring venture-capital-backed initiatives, potentially stifling innovation, limiting consumer choice, and raising legitimate antitrust concerns. We urge Coinbase to take proactive steps to address this systemic issue and create a more equitable listing process that reflects the diverse and innovative landscape of the cryptocurrency ecosystem. KAS is a prominent cryptocurrency: • Top 30 Cryptocurrency: KAS consistently ranks among the top cryptocurrencies by market capitalisation. • High Transaction Volume: KAS demonstrates impressive transaction throughput, showcasing its practical utility. • KRC-20 Token Standard: The recent launch of KRC-20 expands the KAS ecosystem and fosters further innovation with many innovative projects launching on it. • Block-DAG Technology: This unique technology offers significant advantages in scalability and efficiency compared to traditional blockchain architectures. Kii firmly believes that a Coinbase listing would significantly benefit both the Kaspa community and the broader cryptocurrency ecosystem by providing greater access to this promising technology. Kaspa, with its unique blockDAG architecture, offers compelling advantages. It consistently achieves extremely high transactional volumes, significantly outperforming many established PoW cryptocurrencies. Its robust and active community of over 400,000 members across various platforms demonstrates organic growth and fervent support, vital indicators of a project's long-term viability. In the interest of clarity and fair practices, we respectfully request the following from Coinbase, including a formal meeting to discuss these critical issues: 1. Application Status: A detailed and transparent update on KAS’s application, addressing the reasons for the extended silence and acknowledging the documented communication attempts. 2. Listing Process Transparency: A comprehensive explanation of Coinbase’s listing review process, timelines, criteria, and a direct address of community concerns regarding listing fee discrepancies and the discriminatory nature of the Asset Hub requirements for decentralised projects. 3. Specific Concerns Regarding KAS: If any specific concerns prevent KAS’s listing, they must be clearly articulated to enable the Kaspa community to address them. 4. Listing Criteria: A complete and detailed explanation of all listing criteria employed by Coinbase is required to ensure transparency, trust and fairness. Kii and the Kaspa community are committed to building a transparent and trustworthy ecosystem for decentralised projects. We look forward to a constructive response from Coinbase and a meeting to address these critical issues. Listing KAS presents a mutually beneficial opportunity for both Coinbase and the Kaspa community, driving increased trading volume and expanding access to a thriving and innovative ecosystem. Sincerely, Kaspa Industrial Initiative (Kii) @brian_armstrong @KaspaCurrency @Kaspa_KEF #kaspa @coinbase @Kaspa_HypeMan @elldeeone @cz_binance