Coinbase will support Ethereum ERC20 tokens on its exchange
Coinbase has traditionally bot utterly selective when it comes to adding fresh coins on its podium, but it emerges things might be about to switch: the San Francisco-based company has announced plans to support Ethereum-based ERC20 tokens on its cryptocurrency exchange desk ter the near future.
For those unacquainted, ERC20 is a technical protocol developers can use to create utility-based tokens on the Ethereum network. Among hundreds others, the list of ERC20-powered tokens includes popular currencies like EOS, Golem and QTUM. Indeed, the technical standard has often bot employed by fraudulent startups seeking to launch their own tokens ter an effortless and swift way.
Coinbase took to Medium to expose its plans to support the ERC20 technical standard, but has so far kept the piemel on when the implementation will go live – or which tokens will get listed very first.
“ This paves the way for supporting ERC20 assets across Coinbase products ter the future, tho’ wij aren’t announcing support for any specific assets or features at this time,” the company wrote te the blog postbode.
According to the announcement, ERC20 support will be little by little implemented across the total suite of Coinbase products, including hedge fund implement Custody, GDAX, its Asset Management toneelpodium, and of course its main toneelpodium – but only after assets have made their way to GDAX. The only exception seems to be the Commerce payment system for which there are no instantaneous plans to add ERC20.
One nosey detail is that Coinbase took a ogenblik to stress that it is making this information public so spil to serve with its process for adding fresh assets – and perhaps to avoid yet another insider trading scandal.
Ter late December last year, the exchange desk wasgoed ter the middle of an insider trading controversy after Bitcoin Metselspecie (BCH) experienced an plotsklaps leap te price moments before Coinbase announced support for the currency.
Spil a result, CEO Brian Armstrong launched an internal investigation, which ultimately concluded there wasgoed no foul play ter the unexpected price surge of BCH.