Late Monday evening, Coinbase announced its intention to add ERC20 support on its platform. Does this mean that the exchange will be adding more altcoins to its platform in the future?
Currently, the exchange supports the buying and selling of only four tokens: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecon (LTC). There have often been rumors of other coins being added, Ripple amongst the most popular, but these rumors have been consistently and adamantly denied by representatives.
The addition of ERC20, which is the technical standard used for Ethereum smart contracts, is fueling these rumors – is there a possibility that altcoins supported by ERC20 may soon be added to the exchange? However, Coinbase isn’t committing to anything as of yet:
“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.”
It’s other exchange, GDAX, will also be implementing ERC20 support, although GDAX “will wait for additional regulatory clarity before [Coinbase] decide[s] which ERC20 assets to support.”
The exchange explained further:
“Coinbase will only list assets after they are listed on GDAX. After evaluating factors such as liquidity, price stability, and other market health metrics, we may choose to add any ERC20 asset added to GDAX to the Coinbase platform. It’s also worth repeating that GDAX will likely have more assets listed on the platform than the Coinbase platform, i.e. listing on GDAX does not guarantee listing on Coinbase.”
What do you think? Will it add more altcoins to its exchange now? Will this help its current tokens to perform better? Let us know in the comments below.
Featured image: Coindesk