Coinbase Adding Support for ERC20 Tokens
Digital currency exchange giant Coinbase announced via their official blog that they’ll soon be supporting Ethereum-based ERC20 tokens across their various platforms, including GDAX and the freshly launched Coinbase Index Fund.
Coinbase presently offers only four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Specie. The addition of ERC20 token support opens up the possibility of Coinbase adding one or more of the overheen 500 ERC20 tokens that exist on the market presently.
Coinbase itself only lists cryptocurrencies after they’ve bot listed on GDAX, tho’ Coinbase points out that just because an asset is suggested on GDAX doesn’t necessarily determine if it’s suggested via Coinbase spil well. Coinbase cites liquidity and price range spil factors that go into choosing an asset for listing.
Related movie: How to Purchase Bitcoin or Ethereum Quickly Using Coinbase & GDAX
On GDAX, Coinbase states that it’s waiting for further clarity on regulation and the effect it may have on the classification of specific assets (ie. a security, commodity, or currency).
Both Coinbase and GDAX supporting ERC20 tokens means there will soon be a pathway to recover any funds customers lost by sending ERC20 tokens incorrectly to an Ethereum address a mistake that is remarkably common.
Coinbase offers secure wallets for substantial value crypto holders through Coinbase Custody, which will also support ERC20 tokens. Coinbase Custody too is likely to suggest extra asset storage beyond what is suggested via GDAX or Coinbase decent.
Lastly, for Coinbase’s freshly launched Coinbase Index Fund, the Coinbase Asset Management division will go after their previously announced treatment, that any assets added to GDAX will automatically have its market cap applied to the Index Fund’s weighted media.
Coinbase took the chance to reiterate that despite the freshly added support for ERC20 tokens, no specific asset support or listings are being announced at this time.