Coinbase adds support for ERC20 tokens
American cryptocurrency exchange Coinbase has announced its readiness to integrate support for ERC20 tokens into its products. It is expected that all preparatory work will be completed within the coming months.
The ERC20 standard is widely used by cryptocurrency startups that issue their tokens through ICO.
“This opens up the possibility of adding ERC20 asset support to Coinbase’s product line in the future, but we’re not ready to name specific assets or features at this time,” the company says..
As one of the services in which ERC20 tokens can be integrated, the company calls Coinbase Custody, designed for storing cryptocurrencies and featuring an increased degree of reliability..
Custody is likely to support more assets than GDAX or Coinbase for the foreseeable future, the company said..
Before ERC20 tokens can enter the fully functional GDAX marketplace, the company intends to wait for more clarity on the regulation of such assets. Activating support for the ERC20 standard will also restore tokens that GDAX clients mistakenly sent to the exchange’s Ethereum address..
Only after the token starts trading on GDAX will the company consider adding it to its main cryptocurrency purchase service, Coinbase. At the same time, it will take into account such factors as liquidity, exchange rate stability, etc. GDAX is likely to support more ERC20 flavors than Coinbase.
At this stage, it is not planned to integrate support for ERC20 tokens into the service for making purchases using Coinbase Commerce cryptocurrencies.
Coinbase currently supports 4 cryptocurrencies: Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
Earlier it became known that a bug on Coinbase allowed users to credit unlimited Ethereum to their accounts.
Coinbase Adds USDC Stablecoin Support US-based cryptocurrency company Coinbase announced the addition of USD Coin (USDC) stablecoin support,…
The Coinbase exchange closed for maintenance, unable to withstand the pressure of traders The large bitcoin exchange Coinbase left for maintenance at a time when…
Coinbase has received the status of a qualified custodian of cryptocurrency assets American company Coinbase has received permission from New York regulators…