Coinbase Announces Support For ERC20 Tokens
In a recent statement made by the largest American crypto exchange; Coinbase has announced their future support for ERC20 tokens. They already support Bitcoin, Ethereum, Litecoin and Bitcoin Cash. This announcement makes sense because Ethereum is offered on their platform, and it has proven to be a secure and lucrative cryptocurrency for its investors.
We’re excited to announce our intention to support the Ethereum ERC20 technical standard for Coinbase in the coming months. This paves the way for supporting ERC20 assets across Coinbase products in the future, though we aren’t announcing support for any specific assets or features at this time. We are announcing this both internally and to the public as consistent with our process for adding new assets. (Coinbase)
ERC20 tokens include EOS, Tron, SurCoin, Vechain, OmiseGo, BAT and many more, which use the Ethereum network to perform smart contracts. Toshi wallet has also announced support for ERC20 tokens.
This announcement comes after a stream of rumors that Ripple would become the fifth cryptocurrency supported by Coinbase. Those rumors have been shut down many times by company.
Coinbase has made waves recently, from its interest in acquiring Earn.com, to announcing an asset management index fund. This comes at the same time as many other exciting announcements in the crypto space. Robinhood started to support Bitcoin and Ethereum for its customers to invest in, while Circle acquired crypto exchange Poloniex to tap into the market as well. It makes sense for Coinbase to make moves and hopefully accept more cryptocurrencies in a near future.
After their Bitcoin Cash support announcement, Coinbase has come under fire due to insider trading claims. Because a coins price can skyrocket when trading support is added to a major exchange, it is imperative that Coinbase takes these precautions when adding new coins. Bitcoin Cash surged from $1,000 to $4,000 until the Coinbase network crashed for some time, and stopped accepting Bitcoin Cash orders on launching day.
Which ERC20 token do you think will be supported first by Coinbase?
By Menajem Benchimol.